Sensex, Nifty end in red ahead of monthly F&O expiry day; Nifty holds 15,700, will bulls make a comeback?

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July 28, 2021 4:19 PM

BSE Sensex and Nifty 50 ended in the negative territory for the third straight day on Wednesday, on weak Asian cues.

sensex, nifty, stock marketThe markets slipped below the crucial 15600 level but was swift to recover from there and managed to close above 15700.

BSE Sensex and Nifty 50 ended in the negative territory for the third straight day on Wednesday, on weak Asian cues. Investors also remained nervous ahead of US Federal Reserve’s policy meeting outcome. BSE Sensex rose 641 points from day’s of 51,803, but still settled in red at 52,444. NSE’s Nifty 50 finished above 15,700, down 37 points or 0.24 per cent. During intraday, it breached the 15,550 support and fell to 15,513.45 levels. Market breadth was negative as 1,791 stocks declined, while 1,414 scrips advanced. In the broader market, BSE MidCap index ended flat at 22,880, while BSE SmallCap index declined nearly half a per cent or 120 points to 26,366. India VIX, the volatility index, rose 3.47 per cent to 13.69 levels.

Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty broke the 15635 support but bounced back to close marginally in the negative for the day. The selling in the markets got arrested once the Hongkong and Chinese markets reversed their weak trend this morning showing signs of stability after three days of sharp weakness. Global markets show some stability ahead of US Fed meet. Broad market however shows weakness as per the weak advance decline ratio. Nifty can now stay in the 15635-15797 band for the next 1-2 sessions.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The markets slipped below the crucial 15600 level but was swift to recover from there and managed to close above 15700. This is an indication that the market is still range bound and is continuing to trade within the 15400-15900 band. Until we do not get past either levels convincingly, the index will not see a significant move in either direction.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Nifty showed a lot of weakness in the first half of the trading session today. It made a low of 15513 and bounced back to 15700 levels. However, the bounce-back was not supported with good volumes. Nifty will face resistance at 15720 and 15780 levels and has support at 15500 – 15580 range. Any closing below 15580 may take Nifty to 15450 and 15400 levels. Traders need to be watchful tomorrow as it is the monthly expiry and some sharp movements can be expected.

S Ranganathan, Head of Research, LKP Securities

Markets opened weak and we saw about of panic selling as the Chinese fiasco and crackdown made the street nervous even as smart investors sensed the emerging opportunity in a democratic set up here. Broader markets saw interested in buying across pockets like Paper, Steel & Home Textiles. Markets however recouped most of its losses in late afternoon trade despite persistent weakness in financial stocks.

Rohit Singre, Senior Technical Analyst, LKP Securities

Index showed a selling pressure in the start but again index respected the range and backed in the same & given a close at 15710 with mild loss forming a pin bar sort of candle pattern which suggest dips has been used to create fresh longs. Going forward 15600-15500 will act as strong support holding above said levels one expect the index to march towards its upper band range, immediate hurdle 15800-15900 zone.

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