Sensex rebounds 326 pts from lows to end flat, Nifty at 17353; are bulls too exhausted now?

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September 08, 2021 4:09 PM

Domestic benchmark indices moved between gains and losses for most of the day but slipped deep into the red during afternoon trade, only to rebound in the dying minutes to end flat.

Bank stocks were among the top performers today.

Domestic benchmark indices moved between gains and losses for most of the day but slipped deep into the red during afternoon trade, only to rebound in the dying minutes to end flat. S&P BSE Sensex was down 29 points or 0.05% on the closing bell, sitting at 58,250. NSE Nifty slipped 8.60 points or 0.05% to settle at 17,353. Bank stocks were among the top performers today. Kotak Mahindra Bank jumped 3.5% to close as the top index gainer, followed by NTPC, Titan, and Sun Pharma. Nestle India was down 2.27%, the worst-performing Sensex constituent of the day. Maruti, Bajaj Finserv, and Bajaj Auto were among the other laggards. Bank Nifty outperformed benchmarks, gaining 0.82% to end at 36,768. Nifty Midcap 50 and Nifty Smallcap 50 indices closed in the green.

S Ranganathan, Head of Research at LKP securities

“In a volatile session of trade today the Bulls managed to stage a smart comeback led by the pace of vaccinations and accumulation witnessed in Kotak Bank. The broader markets witnessed interest in Textile stocks on the back of the PLI scheme announced today. The late afternoon session saw Advances gain ground over Declines as several Midcaps were seen buzzing around.”

S Hariharan, Head – Sales Trading, Emkay Global Financial Services

“There are a number of developed market central bank meetings scheduled this week, which would provide greater insight into plans for tapering of asset purchases, which in turn would have implications for currency markets as well as risk assets. As a result, we have seen a trend of increase in long stock futures positioning by FIIs start to come down over the last 3 sessions. Since mid & small cap indices are trading close to resistance levels despite Nifty making new highs, overall market sentiment remains cautious, and the market advance still dominated by a handful of stocks. Cement and PSU indices appear to have highest relative strength while Autos are the weakest sector in the market overall.”

Palak Kothari, Research Associate, Choice Broking-

“The index continues to trade in lower lows formation from the last three trading sessions, but in the hourly chart the index has taken support from 50-HMA and bounced from there, which points out strength in the counter. On a Four-Hourly Chart, the Index has formed a Hammer Candlestick Pattern which points out buyers are active. All the key indicators like RSI, MACD & Stochastic are supporting the positive trend in the index. At present, the psychological level of 17500 could be a resistance while on the downside, 17200 may act as support for the index.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic market opened on a flattish note while the cautious trend in the global market forced Indian equities to trade lower amid lingering concerns over rising covid cases and slowing economic recovery. However, supported by a recovery in broader markets the key indices ended on a flat note. The cabinet’s approval of the PLI scheme for man-made fibres and technical textiles will help in improving the industry’s outlook.”

 Mohit Nigam, Head – PMS, Hem Securities –

On the technical front, the market is witnessing a continuous positive trend and it has sustained well above 17,300-350 levels and we believe this up move will extend till 17500 level in the short term. On the down side 17,100 is the immediate support in Nifty 50 followed by 16,900.”

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