S&P BSE Sensex gave up intraday gains to close 323 points or 0.55% lower at 58,340 while NSE Nifty 50 ended 88.3 points or 0.5% down at 17,415.
Bears came back to haunt domestic markets during the dying hour of trade amid mixed global cues. S&P BSE Sensex gave up intraday gains to close 323 points or 0.55% lower at 58,340 while NSE Nifty 50 ended 88.3 points or 0.5% down at 17,415. ICICI Bank, Kotak Mahindra Bank, and NTPC were among the top gainers soaring more than 1%. Maruti Suzuki India was down 2.6% as the worst Sensex performer, followed by Infosys, ITC and Reliance Industries. Broader markets, except Nifty small-cap indices, closed with losses. Bank Nifty managed to hold on to gains and ended 0.45% higher.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“Nifty reversed the gains of the previous day displaying that the bounce so far is feeble. The advance decline ratio however ended in the positive. Nifty turned back from 17600 levels. Now 17280 could be a crucial support to track while 17613 continues to the resistance.”
Rohit Singre, Senior Technical Analyst at LKP Securities –
“Index opened a day with a good gap but unable to sustain on highs and witnessed strong profit booking again & closed a day at 17370 with loss of half a percent forming a bearish candle in the daily chart. The current chart structure still looks sell on rise as nifty failed to move above 17600 zone & witnessed profit booking so going forward also strong hurdle will be 17600 zone and prior to that 17500 zone, immediate support is coming near 17350-17300 zone for strength index to need to decisively crossed above 17600 zone.”
Sachin Gupta, AVP, Research, Choice Broking –
“Technically, on the daily chart the index has failed to sustain at higher territory as it has tasted the neckline of the Head & Shoulder pattern and moved lower again, which indicates some weakness for the coming day. However, the previous day, the index took good support at lower Bollinger Band formation and pulled up from 17200 levels, which acts as immediate support for the near term. At present, The Nifty has immediate support at 17200 levels while resistance at 17650 levels. On the other hand, Bank nifty has support at 36650 levels and resistance at 38000 levels.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Unable to hold onto its gains, domestic indices edged lower in today’s tumultuous session amid mixed sentiments across global peers. Despite surging inflation, the Euro-zone business activity jumped to 55.8 in November from 54.2 in October, instilling hope in investors. On the domestic front, gains in banking and financial stocks were offset by losses in Oil & Gas and auto sectors. The banking sector was in the radar today as the government proposed to privatise two banks along with making banking amendments for the winter session to facilitate PSB privatization.”
S Hariharan, Head- Sales Trading, Emkay Global Financial Services –
“Overhang from a number of new listings and pipeline of offerings in the coming few weeks has led to broad market weakness in the last one week. Banking names are consensus overweight for domestic & foreign institutions and net sell flow has caused these to underperform the market. As net long positioning in the market has tilted significantly towards Retail segment, potential for further weakness is significant. Futures rollover basis has been cheaper than fair levels, suggesting that longs are reluctant to roll over positions. Consumer staples and Auto sectors appear oversold and positioning tilted towards excessive shorts, while IT, Metals & PSU names are consensus long sectors and may under-perform going ahead.”