Recovering from the day’s lows, BSE Sensex and Nifty 50 managed to settle in positive territory on Tuesday. During intraday, Sensex hit a record higher of 54,779.66, but then closed at 54,554.66, up 152 points or .3 per cent. The downside in the 30-share index was capped by gains in index heavyweights such as Bharti Airtel, HDFC, Kotak Bank, and Reliance Industries Ltd (RIL). Nifty 50 hit a fresh record higher of 16,359 throughout intraday, but shut shop at 16,280, up 22 points or .13 per cent. Broader markets when once more underperformed equity benchmarks. BSE MidCap index fell .85 per cent or 195 points at 22,762. Whil BSE SmallCap index completed at 26,065.95, down 2.05 per cent or 545.72 points. India VIX, the volatility index, gained .79 per cent to settle at 12.71 levels.
Rohit Singre, Senior Technical Analyst, LKP Securities
After a robust volatile session index managed to close a day on a positive note at 16280 and formed a Doji candle pattern on each day chart for the second consecutive day which once more hints indecision in the markets. Nifty once more respected the assistance zone of 16200 as anticipated & we witnessed superior pull back from the exact same level which hints till holding above 16200 zone index may possibly see some extension in current consolidation zone of 16200-16350 zone & either side breakout will make a decision final path move.
Palak Kothari, Research Associate, Choice Broking
Technically, the Nifty index has been trading in a variety and hasn’t broken its preceding day low and sustained above the exact same one, which indicates bullish strength in the counter. Furthermore, the Index has taken assistance from 50-HMA, which supports upside movement in the counter. A momentum indicator RSI & MACD is displaying positive strength & Stochastic is also with positive crossover on the each day chart, which indicates a additional bullish move. At present, the nifty index has quick resistance at 16360 levels although downside assistance shifted up to 16150 levels.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty traded in a 160 points variety today. It took assistance at 16200 and made a new all time higher of 16359 and took resistance there. It gave a closing of 16270, up by 10 points. The next up in Nifty will be seen when it closes above 16350 level with greater than typical volumes. As lengthy as Nifty remains more than 15900, 16400 and 16450 levels will be seen on Nifty in the close to future.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The markets climbed effectively above the 16300 mark and seemed all poised to close above it also. However there was a sharp and nervous sell off mid day which brought the index close to 16200. We recovered effectively but did not close above the 16300 level. Once we are productive in undertaking so, we will witness a rally to 16600 as the next target for the Nifty.
Vinod Nair, Head of Research, Geojit Financial Services
Domestic market place remained hugely volatile as the early gains had been trimmed off following promoting stress in worldwide markets. Concerns more than an early withdrawal of asset buy applications by the Federal Reserve and US CPI inflation information to be released this week impacted worldwide market place. However, robust assistance from big caps, specially from sectors like finance and IT, helped domestic most important indices to finish on a positive note. After a steady rally throughout the preceding months, the modest and mid-cap stocks are witnessing consolidation for the previous handful of trading sessions although shopping for interest has shifted to big caps. The third wave of Covid and fall in liquidity will be a lethal mixture for hugely priced mid & modest caps.
S Ranganathan, Head of Research, LKP Securities
What began as a sell-off in metal stocks considerably triggered a sell-off today in the smallcap index just after rallying for various months. The Midcap index and the PSU banks also had been also not spared as each investors & traders booked earnings. The index at close fairly honestly was not reflective of the market place mood as the breadth was really weak.