S&P BSE Sensex closed 709 points or 1.26% lower at 55,776 while the NSE Nifty 50 index tanked 208 points or 1.23% to end the day at 16,663.
Domestic markets snapped their gaining streak on Tuesday as bears revisited Dalal Street. S&P BSE Sensex closed 709 points or 1.26% lower at 55,776 while the NSE Nifty 50 index tanked 208 points or 1.23% to end the day at 16,663. Bank Nifty was just above 35,000 while India VIX soared 4% to breach 26 levels again. Mahindra & Mahindra was the top gainer on Sensex, up 2.23%, followed by Maruti Suzuki India, and Nestle India. Tata Steel was the worst-performing stock on Sensex, accompanied by Tech Mahindra, and Kotak Mahindra Bank.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities –
“The sharp downward reversal of Tuesday from near the crucial resistance zone of 16800-17000 indicate chances of further downward correction in the market for short term. The overall chart pattern signals a chance of higher bottom formation around 16400-16250 levels in the next few sessions, before showing another round of upmove.”
Rupak De, Senior Technical Analyst at LKP Securities –
“Nifty formed a dark cloud cover on the daily chart as it found resistance around 200DMA on the daily chart. On the lower end, it found support at the upper band of the falling channel. Going forward, the index may remain in the green as long as 16640 is held decisively. On the higher end, resistance is visible at 16900-17000.”
Mohit Nigam, Head – PMS, Hem Securities –
“On the technical front key resistance levels for Nifty50 is 17,000 and on the downside 16,600 will act as strong support. For Bank Nifty key resistance level is 35,700 and on the downside 34,000 will act as strong support.”
Sachin Gupta, AVP, Research, Choice Broking –
“Technically, the stock has formed a Bearish Engulfing Candlestick pattern on the daily chart and slipped below the Middle Bollinger Band formation, which suggests a further downside move. In addition, the index has also shifted below 21-Days EMA on the daily chart. However, an indicator MACD is showing position crossover. At present, the index has support at 16400 levels while resistance comes at 16930 levels. On the other hand, Bank nifty has support at 34000 levels while resistance at 35700 levels.”
Vinod Nair, Head of Research at Geojit Financial Services –
“The world equity market lost its momentum as new financial & trade sanctions were imposed on Russia along with the suspension of gas imports. It is a setback for the market sentiment, which was improving in anticipation of a truce in war. The Indian market was outperforming due to ease in commodity prices. World markets are also lower ahead of the US Fed meeting in which the market widely expects FOMC to initiate a rate hike.”