Sensex snaps 4-day losing streak to end with gains, Nifty resistance placed near 17,600

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November 23, 2021 4:18 PM

S&P BSE Sensex jumped 198 points or 0.34% to end at 58,664 points while NSE Nifty 50 gained 86.80 points or 0.5% to settle at 17,503.

Nifty, SensexBroader markets outperformed with smallcap and midcap indices rallying. (Image: REUTERS)

Domestic markets witnessed a volatile trading session on Tuesday but managed to recoup intra-day losses during the afternoon session to close with gains.S&P BSE Sensex jumped 198 points or 0.34% to end at 58,664 points while NSE Nifty 50 gained 86.80 points or 0.5% to settle at 17,503. Power Grid was the top Sensex gainer, up 3.91%, followed by NTPC, Tata Steel, Bharti Airtel, and Sun Pharma. On the other hand, IndusInd Bank was the top laggard, down 2.59%, followed by Asian Paints, Infosys, Bajaj Auto, and Maruti Suzuki India. Bank Nifty gained 0.4%. Broader markets outperformed with smallcap and midcap indices gaining around 2% each. India VIX jumped 2.85% to close at 18 levels. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty bounced up well after making a low of 17216. Advanced decline ratio also went deeply in the positive. 17613 could be the next resistance for the Nifty while 17280 could be a support. The broader market having fallen sharply could bounce up longer than the Nifty.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index witnessed some pullback and closed a day at 17503 with gains of half percent & formed bullish candle after five consecutive red candles. The index has formed stiff hurdle around 17550-17650 zone & logs need to watch said levels carefully if nifty managed to sustain above 17650 zone then one can expect a good pullback towards 17800-18000 mark but if it fails to sustain again we may see profit booking which can push index towards support zone of 17400-17300 zone.”

Palak Kothari, Research Associate, Choice Broking –

“On the Technical Front, the Index has taken support from 89 DMA, which suggests a bounce back in the counter. On an hourly chart, the Index has confirmed a Hammer kind of candle which further adds strength to the upside. Moreover, an Hourly Momentum indicator MACD & Stochastic were trading with a positive crossover which suggests bullish movement is intact. At present, the Nifty has immediate support at 17200 while resistance comes at 17600 levels, crossing above the same can show 17800-17900 levels. On the other hand, Bank nifty has support at 36300 levels while resistance at 38000 levels.”

Gaurav Udani, CEO & Founder, ThincRedBlu Securities –

“Nifty gave a recovery of over 300 points after making a low of 17211. It closed at 17490 , up by 80 points. Nifty is currently in a short term downtrend and traders are suggested to exit longs in all upside rallies. Nifty has resistance in 17600-17700 range. A close above 17850 with higher than average volumes will be the bullish confirmation to initiate new longs.”

Mohit Nigam, Head – PMS, Hem Securities –

“On the technical front, Immediate support and resistance in Nifty 50 is 17200 and 17650 respectively. For Sensex support and resistance is 36700 and 37500 respectively.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic equities clawed its way out of the recent downslide boosted by metal, PSU bank and pharma stocks with mid and small caps outperforming the benchmark indices. US markets witnessed a late sell-off yesterday despite the re-nomination of Jerome Powell as the Fed chair.  Oil and gas indices remained under pressure amid reports of the US releasing its emergency oil reserves to keep the rising crude oil prices under control. The Telecom sector was in focus today as the sector majors initiated rate hike which will enhance profitability.”

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