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Sensex ends in red after selling pressure in closing hour of commerce, Nifty support still at 16000

Domestic markets failed to carry on to intraday positive factors and closed the day in red with losses owing to fag-end selling. S&P BSE Sensex gave up all intraday positive factors to complete 37.78 factors or 0.07% decrease at 54,288 whereas the NSE Nifty 50 index fell 51.45 factors or 0.32% to settle at 16,214. Maruti Suzuki India was the highest gainer on Sensex, up 4%, adopted by M&M, HUL, and Larsen & Toubro. Tata Steel tanked 12.24% on Monday, whereas Ultratech Cement was down 3%, and ITC fell 2.2%. Bank Nifty ended 0.08% in the red. India VIX gained 1.3% to complete above 23 ranges. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Asian markets were mixed while European markets were up after U.S. President Joe Biden said on Monday he was weighing cutting tariffs on Chinese goods that were imposed during the tariff war with Beijing. FPIs continue to sell on rallies. Nifty could remain in the 16415-16142 band for some time and a breach either side could result in a move in that direction.”

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Mohit Nigam, Head – PMS, Hem Securities –

“On the global front, Asian markets were trading mixed while  European markets were trading higher as traders attempted to call an end to a downturn in global stocks driven by surging inflation and fears of major economies falling into recession. On the technical front, the key resistance levels for Nifty50 are 16500 and on the downside 16000 can act as strong support. Key resistance and support levels for Bank Nifty are 34800 and 33500 respectively.”

Om Mehra, Research Associate, Choice Broking –

“Technically, Nifty has formed a bearish candlestick on the daily timeframe. Bulls remain in trap as from the past week no continuous day index is closed in green. From the hourly chart, Nifty has formed a triple top pattern suggesting weakness amid coming days, however, view negated closing and sustaining above 16400 levels. Indicators such as RSI still remained in the oversold zone while MACD also suggests weakness ahead. The Nifty may find support around 16000 levels followed by 15850 while on the upside 16500 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33500, while resistance is placed  at 35200 levels.”

Vinod Nair, Head of Research at Geojit Financial Services –

“The government and RBI are making persistent efforts to moderate future inflation. Government fiscal measures like a hike in customs duty on steel and similar steps on other products in the future will help to control inflation. However, the hawkish monetary and fiscal measures adopted by RBI & Government will have a cascading effect on market & economy in the short to medium-term.”

S Ranganathan, Head of Research at LKP securities –

“Markets gave up all its gains in Afternoon Trade today as it simply could not recover after the Export Tax imposed on Steel products with the Metal Index falling almost 9% to 5200 levels in Morning Trade. The prolonged Russia-Ukraine conflict coupled with its consequences and inflationary pressures weighed heavily in the minds of investors and traders. Prospects of additional market borrowings by the GOI in the wake of the tax cuts on fuel to tame inflation also came to the forefront.”

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