Sensex ends in pink, Nifty needs to hold above 17600-17500 to avoid near-term weakness

Dalal Street bought off to a weak begin this week with benchmark indices closing with losses on Monday. S&P BSE Sensex shed 482 factors or 0.81% to settle at 58,964 whereas the NSE Nifty 50 index fell 109 factors or 0.62% to finish at 17,674. ICICI Bank was the highest Sensex gainer, up 0.76%, adopted by NTPC, and Kotak Mahindra Bank. HCL Technologies was the highest laggard, down 2.7%, adopted by Larsen & Toubro, and Infosys. Bank Nifty closed 0.37% decrease whereas India VIX jumped 3% to shut above 18 ranges. Broader markets closed combined with midcap indices on NSE registering features. 

Nagaraj Shetti, Technical Research Analyst, HDFC Securities –

“The short term trend of Nifty continues to be weak with range bound action. Still, there is no indication of any higher bottom formation. A slide below 17600-17500 levels could open more weakness in the near term. A choppy movement within a high low of 17800-17600 is expected to continue for the short term.”

Rupak De, Senior Technical Analyst at LKP Securities –

“The market remained sideward throughout the session as the benchmark Nifty failed to give a directional move. On the higher end, the index found resistance around the previous closing on the daily chart. However, Nifty on the daily chart has formed an inside day bar which suggests indecisiveness. On the lower end, support is visible at 17600/17400. On the higher end, the resistance is seen at 17800.”

Sumeet Bagadia, Executive Director, Choice Broking –

“On the technical front, Nifty has formed a bearish candle but has managed to close above 17600 levels settled above 21-Days Exponential Moving Averages. On the weekly Chart, the doji pattern has created some incisiveness among the bulls and bearish. Sustaining 17500 would be important to continue the ongoing rally. Closing above 17900 or below 17600 will define a clear trend for the next two remaining days due to the long weekend. At present, the index is having support at 17500 levels while resistance is placed at 17800 levels. On the other hand, Bank nifty has support at 36800 levels while resistance at 38000 levels.”

Mohit Nigam, Head – PMS, Hem Securities –

“On the technical front, the key resistance levels for Nifty50 are 17750 and on the downside 17500 can act as strong support. Key resistance and support levels for Bank Nifty are 37900 and 37300 respectively.”

Vinod Nair, Head of Research at Geojit Financial Services –

“The market is wary ahead of the ECB meeting, the release of US inflation data, and the start of the domestic Q4 result season. Indian IT sector dragged due to weak result expectations on a QoQ basis. In this shortened week, the market is cautious as trading at the upper side of the trend and momentum has shifted from broad to stock-specific.”

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