Sensex, Nifty end 1% down on weekly F&O expiry day; here’s how to trade Nifty, Bank Nifty on Friday

Indian indices prolonged its losses due to considerations over hike in international rates of interest and bond yield due to rising commodity costs and inflationary stress, stated an analyst

BSE Sensex and Nifty 50 settled within the purple for the second consecutive session on the day of weekly choices expiry forward of Consumer Price Index (CPI) and Index of Industrial Production (IIP) information later at this time. BSE Sensex ended at 48,691, whereas the broader Nifty 50 index breached 14,700 on the draw back to settle at 14,696. Broader markets additionally traded within the detrimental territory. S&P BSE MidCap index fell 0.90 per cent or 188 factors to 20,744.80, whereas S&P BSE SmallCap index settled 0.62 per cent or 140 factors down at 22,466. India VIX, the volatility index, settled at 20.08 stage, down 1.26 per cent. After witnessing a pointy run-up within the current weeks, an enormous revenue reserving was seen in steel shares.

Manish Hathiramani, proprietary index dealer and technical analyst, Deen Dayal Investments

The Nifty has pierced 14700 through the intra day session and managed to shut round it. Hence merchants would want to evaluation the scenario on Friday. If we’re unable to maintain this stage, we may drop to 14400. On the upside, if we are able to get again above 14850, the index can scale up to 15000 after which 15200.

Jay Thakkar – VP and Head of Equity Research at Marwadi Shares and Finance Ltd

The weekly expiry ended within the detrimental territory on this truncated week. The bears have been in absolute command within the second weekly expiry of May 2021. The banking and steel sectors dragged the Index whereas few of the Auto, PSU Banks, Pharma and IT have been supporting the Index. The market breadth was completely in favor of the bears. From hereon, 14800 will act as an important resistance within the quick time period whereas 14600 is quick help. A breakdown beneath 14600 will drag Nifty to 14400-14300 ranges within the close to time period whereas a breakout above 14800 will take it again to 15000 ranges. The Banknifty has a help at 32300 whereas resistance at 32800. A break of 32300 will drag it to 32000/31800 ranges whereas a breakout above 32800 will take it to 33300-33500 ranges.

Sumeet Bagadia, Executive Director, Choice Broking

On the technical entrance, the Index has been buying and selling in Lower Highs & Higher Lows formation and examined the rising trendline, sustained above it could possibly present bounce-back motion within the counter. Furthermore, the index has taken help from the 100-Hourly Moving Average in addition to momentum indicator MACD has proven optimistic crossover, which factors out the power for the upcoming session. At current, the Index help comes at 14600 ranges whereas the upside resistance appears to be at 14900.

Vinod Nair, Head of Research at Geojit Financial Services

Indian indices prolonged its losses due to considerations over hike in international rates of interest and bond yield due to rising commodity costs and inflationary stress. All main indices belled the day in detrimental terrain together with metals whereas PSU banks and media shares managed to keep afloat. International commodity costs may have to stabilize, to present sustenance within the fairness market.

Mohit Nigam, President, PMS, Hem Securities

Benchmark Indices closed on a detrimental word with Sensex -0.96% and Nifty 50 -1.04% principally led by steel shares which noticed a revenue reserving with Nifty Metal closing at -2.97%. Large Financials and Commodities have been beneath stress too. Today was second day in a row the place we resulted in detrimental territory. 14500 stays an important help and market wants to shut increased than 14800 to affirm optimistic momentum in close to time period. Tata Motors, Titan and Maruti have been among the many prime gainers whereas Tata Steel, JSW Steel and Indusind Bank have been among the many prime losers in Nifty 50 at this time.

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