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Sensex, Nifty erase gains, end lower amid high volatility, resistance at 16800; Bank Nifty support at 34800

Indian benchmark indices erased all intraday gains and ended in red after a highly volatile trading session as almost all the sectors gave up their gains. The BSE Sensex index fell 664 points from the day’s high to close at 55,769, down 49 points or 0.09 per cent. The Nifty 50 shut shop at 16,584, down 44 points or 0.26 per cent.

bse sensex, nse nifty, stock markets
Nifty 50 would have support resistance at 16,400 to 16,800 while for bank nifty its 34,800 & 35,600 resistance for Monday

Indian benchmark indices erased all intraday gains and ended in red after a highly volatile trading session as almost all the sectors gave up their gains. The BSE Sensex index fell 664 points from the day’s high to close at 55,769, down 49 points or 0.09 per cent. The Nifty 50 shut shop at 16,584, down 44 points or 0.26 per cent. It hit an intra-day high of 16,794. Shares of Reliance Industries (RIL) gained 3 per cent to Rs 2,816.35 on the BSE in intraday trade, having rallied 7 per cent in the past two trading days amid heavy volume. Meanwhile, shares of cement companies were under pressure as they fell up to 9 per cent in an otherwise firm market. Ramco Cement, ACC, Nuvoco Vistas, and Grasim were the top laggards.

Rupak De, Senior Technical Analyst at LKP Securities

“Nifty erased the opening gains as the benchmark index ended more than 200 points off the day’s high. The trend for the short term, however, remains bullish. On the lower end support is placed at 16400. On the higher end, 16700 may continue to act as crucial resistance on a sustained basis. A close above 16700 may induce a rally towards higher levels.”

Ajit Mishra, VP – Research, Religare Broking

Markets settled marginally lower in a volatile trading session amid mixed cues. Firm global cues triggered a gap-up start however profit taking in the index majors from across sectors dragged the indices lower. The recovery in the global indices combined with bargain hunting on the domestic front has helped the index to witness a rebound recently. However, this move lacks decisiveness due to lingering issues like inflation, geopolitical tension, etc. We recommend booking profit on the rise citing a strong hurdle at 16,900 in Nifty and waiting for further clarity. Stocks, on the other hand, are offering opportunities on both sides so traders should align their positions accordingly. Going ahead, apart from the global cues, the upcoming RBI monetary policy meet and monsoon progress will be in the focus for cues.”

Palak Kothari, Research Associate, Choice Broking

“The Nifty has formed an Open Bearish Marubozu kind of candlestick pattern on daily time frame which indicates weakness for upcoming sessions. Furthermore, the index has faced resistance from rising trendline which points weakness in the counter. Moreover, the nifty has given a breakout of 16700 levels but bears took a charge in the second half as the index closed on a red note.”

“Nifty has given closing below 89-Four Hourly Moving Average which indicates sustain below the same can show downside moment in the counter. However, the momentum indicators Stochastic was trading with a negative crossover on an hourly chart which suggest downside journey in the counter. The Nifty may find strong support around 16400 levels, while on the upside 16800 may act as an immediate hurdle. On the other hand, Bank nifty has support at 34800 levels while resistance at 36000 levels. Overall Market can show some downside movement till 16400 levels.”

Mohit Nigam, Head – PMS, Hem Securities

Markets ended the day with profit booking but held on to the weekly gains for the third week. Sensex shredded close to 600 points from the day’s high while Nifty50 ended the day with a loss of about 50 points. Reliance Industries, the biggest weightage holder in the indices, zoomed by 14% over the past couple of weeks and reached highs of 2,817 in today’s trade. Nifty 50 would have support resistance at 16,400 to 16,800 while for bank nifty its 34,800 & 35,600 resistance for Monday.”

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