Sensex snaps three-day gaining streak to close flat, Nifty to face resistance at 17600 next week

S&P BSE Sensex ended 20 points or 0.03% lower at 58,786 points while NSE Nifty 50 index ended 5.55 points lower at 17,511.

Broader markets along with Bank Nifty outperformed benchmark indices. (Image: REUTERS)

Domestic markets gave up their three-day gaining streak to end with marginal losses on Friday.  S&P BSE Sensex ended 20 points or 0.03% lower at 58,786 points while NSE Nifty 50 index ended 5.55 points lower at 17,511. Among stocks, Asian Paints was the top Sensex gainer, up 3.25%, followed by State Bank of India, Mahindra & Mahindra, TCS, and Bajaj Finserv. Titan was the top laggard, down 1.39%, accompanied by HDFC, Axis Bank, and Kotak Mahindra Bank. Broader markets along with Bank Nifty outperformed benchmark indices. India VIX slipped more than 3%.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities –

“The short term trend of Nifty continues to be range-bound. The lack of selling pressure at the important resistance could indicate higher chances of sharp upside breakout of the hurdle in the near term. Immediate support is placed at 17400-17380 levels.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index managed to close a week above 17500 zone with gains of nearly two percent on weekly basis & formed a bullish candle on weekly chart. Going forward index has stiff hurdle zone around 17600 if managed to sustain the above-said levels then we may see good extension in current pull back towards 18k mark or more but until trading below 17600 zone there would be chance we may witness profit booking so on immediate basis 17600 will be make or break level, on immediate basis index has formed supports near 17400-17300 zone.”

Sachin Gupta, AVP, Research, Choice Broking –

On the technical front, the Index has been rising gradually for the last three days which suggests strength for an upside in the index. Furthermore, the index has given closing above 21&9 HMA, which suggests a northward direction in the counter. A daily momentum indicator MACD & Stochastic is trading with a positive crossover which suggests upside momentum in the upcoming session. At present, the Index has support at 17300 levels while resistance comes at 17600 levels. On the other hand, Bank nifty has support at 36600 levels while resistance at 37500 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“Indian benchmark indices traded with cuts to close flat following weak sentiments in the global market as the market awaits the release of Indian and US November inflation numbers. Losses in financial and IT sectors pressurised indices lower while positive realty, auto and metal stocks helped in erasing losses along with strong support from mid and small caps. Asian and European indices were trading weak ahead of the US inflation data release as the market expects inflation levels to remain elevated.”

Ajit Mishra, VP – Research, Religare Broking –

“Markets will first react to macroeconomic data in early trade on Monday. On the global front, the upcoming Fed meet will remain in focus along with the updates on the new variant. Amid all, we reiterate our view to maintain a positive yet cautious approach and focus more on stock selection. Nifty needs to hold the 17300-17400 zone for further recovery.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.