Sensex snaps two-day gaining streak, Nifty needs to breach 17300 for further upside

S&P BSE Sensex fell 90.99 points or 0.16% to end at 57,806 while the NSE Nifty 50 index slipped 19.65 points or 0.11% lower at 17,213.

Bank Nifty was down 0.4%, just holding above the 35,000 mark. (Image: PEXELS)

Domestic equity benchmark indices snapped their two-day gaining streak to end with losses on Wednesday. S&P BSE Sensex fell 90.99 points or 0.16% to end at 57,806 while the NSE Nifty 50 index slipped 19.65 points or 0.11% lower at 17,213. Bank Nifty was down 0.4%, just holding above the 35,000 mark. Sun Pharma was the top index gainer, up 2.86%, followed by Bajaj Auto, IndusInd Bank, Dr Reddy’s and Titan. State Bank of India was the worst-performing Sensex constituent, followed by ITC, Tech Mahindra, and Tata Steel. Broader markets traded mixed. India VIX closed 1.46% in the red.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –

“17250-17300 is the crucial level to look out for; this market can enter a bullish phase only if it closes above 17300. Until then the markets would be sideways and choppy. 16800 is good support for the index and a break of that will result in re-entry into the medium-term bear market. It is a wait-and-watch situation: 16800 on the downside and 17300 on the upside.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index traded sideways whole day and closed a day at 17213 with mild loss and formed a bearish candle on daily chart. Last two sessions we have seen a stagnant move in index resulting index has formed a good support zone around 17160 followed by 17100 zone so trading above said levels we may see positive action in nifty in coming session also one can expect next northward move towards 17260-17300 zone which are immediate hurdle zone on the higher side.”

Palak Kothari, Research Associate, Choice Broking –

“On the technical front, the index has been trading in falling channel formation, crossing above the upper band of formation can show an upside rally in the counter. Moreover, the index has been trading above 21 & 50-HMA which suggests strength in the counter. However, A momentum indicator STOCHASTIC and MACD trading with a positive crossover on the daily time-frame. At present, the Index has support at 17000 levels while resistance comes at 17300 levels, crossing above the same can show 17400-17500 levels. On the other hand, Bank nifty has support at 34500 levels while resistance at 35500 levels.”

Arijit Malakar, Head Research (Retail) of Ashika Stock Broking –

“Market traded flat today and closed in negative. In the past two trading days, the market witnessed positive momentum on the back of short-covering ahead of the December F&O expiry. However, the market is expected to remain flat in next two trading days ahead of New Year holiday as many global markets will remain shut in the next few days.  Apart from Omicron worries and central banks tightening, high valuations or run-up ahead of fundamentals is the major cause behind the correction not only in the market but also in stocks.”

Vinod Nair, Head of Research at Geojit Financial Services

“Outweighing weak sentiments in most sectors, the pharma sector aided the domestic market to close on a flat note with a positive bias. Emergency Use Authorization of covid vaccines Corbevax and Covovax along with the clearance of anti-viral drug Molnupiravir for restricted use has boosted the appetite for most pharma stocks today. FIIs were net buyers for the first time this month which helped the market. Multiplex stocks have taken a hit following closure of cinema halls due to stricter covid restrictions in Delhi while mid & small caps outperformed.”

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