BSE Sensex and Nifty 50 settled flat with a negative bias on Tuesday, despite positive global cues.
BSE Sensex and Nifty 50 settled flat with a negative bias on Tuesday, despite positive global cues. BSE Sensex fell nearly 300 points from day’s high and settled at 51,934.88. Nifty 50 ended at 15,574.85, after hitting a record high of 15,660.75 in intraday. The participation from broader markets remained muted in today’s session. S&P BSE Midcap index ended at 21,760.70, while S&P BSE Smallcap finished at 23,523, after scaling a fresh 52-week high during the session. European stocks hit fresh record highs on Tuesday. The pan-European STOXX 600 index gained 0.9 per cent while the German DAX jumped 1.3 per cent. In Asia, Japan’s Nikkei slipped 0.2 per cent.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The markets took a bit of a breather today but the overall trend remains bullish. Traders can consider accumulating long positions on dips and mild corrections for higher targets. The Nifty seems poised to achieve 15900-16000 with a good support at 15300.
S Ranganathan, Head of Research at LKP Securities
Indices traded in a range and closed flat even as Corporate India has been announcing capital expenditure plans since the start of the fiscal. Weak PMI data released today did not help sentiments as we saw profit-taking across the Metal space today. In the broader market, we saw keen interest in select pockets of Textiles & Pharma names.
Vinod Nair, Head of Research at Geojit Financial Services
Despite positive global cues and optimism from declining fresh covid cases, domestic bourses erased its early gains and traded flat owing to weak economic data. While upcoming RBI policy and likely delay in the start of monsoon season bought cautiousness to the momentum.
Rohit Singre, Senior Technical Analyst at LKP Securities
Index showed small profit booking from higher levels and closed a day at 15572 with minimal loss & formed a doji sort of candle pattern on daily chart which suggest indecision in the markets. Going forwards 15500 will be first and strong support any close below said levels can only hamper structure as we may witness rising trend line breakdown on hourly charts and holding above said levels we may see positive moment to be intact, resistance is coming near 15620-15700 zone.
Sumeet Bagadia, Executive Director, Choice Broking
On the technical front, the Index has been rising continuously with Higher Highs and Higher Lows formation from the last couple of weeks and also given a breakout of Bullish Flag. pattern on a weekly time-frame, which suggest further upside movement in the counter. Moreover, the index has been trading above all the moving average in daily time frame, which points out strength in the counter. In addition, an indicator MACD & Stochastic witnessed positive crossover. At present, the nifty seems to have resistance at 15700 levels while immediate support shifted to around 15450 levels.