Sensex, Nifty end with losses for second day straight; here’s what experts make of today’s trade

Domestic equity markets closed in the red for the second consecutive trading session on Friday.

stock market
India VIX fell 4% on Friday. (Image: REUTERS)

Domestic equity markets closed in the red for the second consecutive trading session on Friday. S&P BSE Sensex fell 0.35% or 182 points to settle at 52,386 while the Nifty 50 index ended at 15,689 points, down 0.24%. Tata Steel jumped 4% to close as the top Sensex gainer, followed by Bajaj Auto, Bharti Airtel, and NTPC. On the other hand, Bajaj Auto was down nearly 2% as the top Sensex drag, followed by TCS, HDFC Bank, Axis Bank, and Reliance Industries. Broader markets closed mixed as Midcap and Smallcap indices closed with gains, outperforming the benchmark indices. India VIX slipped 4%. Among sectoral indices, Nifty Media, Nifty Metal, Nifty Pharma, Nifty FMCG, and Nifty Nifty Realty closed with losses. Nifty Bank closed 0.57% in the red.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities – 

“The short term trend of Nifty continues to be negative. But the formation of doji and double bottom could hint at the possibility of upside bounce in the market in the coming sessions. A firm positive close in the subsequent session is likely to confirm bullish reversal and that could open upside bounce in the market. All bets are going to off on a decisive decline below the support of 15630 levels. Intraday resistance to be watched at 15780 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“The domestic market continued to be under the grip of bears following weak Asian peers as investor confidence was shattered due to the global spread of Delta virus variant. The equity market is turning risk-averse and side-lined. The IT sector also turned bearish as the initial earnings results did not meet the expectations of the market. While the focus of domestic investors has shifted from secondary to attractive primary IPOs, affecting the liquidity of trading in the equity market which we believe to be short-term.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index again showed some bounce after touching its demand zone and closed a day at 15699 with minimal loss and formed Doji candle pattern on the daily chart which suggests indecision in the market also Doji formed near good support which also shows we may see the extension in current bounce once we crossed above 15730 zone. Good support for the index is still coming near 15600 zone and any dip near said levels will be again buying opportunity with keep stop out level below 15600 zone on a closing basis, good resistance 15800-15900 zone where one can lock some gains in longs & fresh breakout only if index sustains above 15900 zone.”

Sumeet Bagadia Executive Director Choice Broking –

“Technically, the index has taken support from the horizontal line and has closed above the same, which points out bounce-back movement can be expected. Furthermore, the Index has formed a Doji Candlestick pattern which points out indecision between bulls and bears. On an hourly chart, the Index has taken support from 200-HMA as well as RSI has bounced from oversold zone, which suggest upside movement in coming days. At present, the nifty seems to have resistance at 15860 level while immediate support comes at 15600 levels.”

Mohit Nigam, Head, PMS – Hem Securities –

“Indian Benchmark Indices fell intra-day over half percent, tracking the decline in global peers amid concerns that the spread of covid variants could disrupt economic recovery but later recovered partially from the intra-day low mainly led by Metal and Realty stocks. It is a buy-on-dips kind of market so at the lower levels buying was seen that gave support to the market. Immediate support and resistance for Nifty 50 are 15,600 and 15,800 respectively.”

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First published on: 09-07-2021 at 16:18 IST