After trading close to record higher level, BSE Sensex ended flat on Tuesday. While the Nifty 50 index gave up the 17400 level following hitting a fresh record higher of 17438. The 30-share Sensex ended 69 points or .12 per cent up at 58,247, though the Nifty50 index shut shop at 17,380, up 25 points or .14 per cent. Index heavyweights such as Tata Consultancy Services (TCS), Kotak Mahindra Bank, HCL Tech, L&T, IndusInd Bank contributed the most to the indices’ obtain. Broader markets after once more outperformed equity benchmarks today. BSE Midcap index rallied 1.09 per cent or 270.22 points to finish at 25,054, though BSE SmallCap index gained .63 per cent or 176.31 points to settle above 28,000 for the initial time ever. India VIX, the volatility index, fell 3.20 per cent to finish at 13.58 levels.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty is variety-bound in between 17250 and 17450. This morning we attempted to get previous 17450 but resisted about that level. Until we do not get previous either worth of the index, we will be trading in a sluggish manner. Since the all round trend is positive, a great trading technique would be to acquire this marketplace on dips.
Vinod Nair, Head of Research, Geojit Financial Services
Despite a bullish opening, domestic indices closed flat with a positive bias amid mixed sentiments amongst international peers. India’s retail inflation softened to 5.3% in August, staying inside RBI’s comfort zone which was led by reduce meals inflation. However, the wholesale value inflation accelerated to 11.39% snapping the two-month easing trend owing to non-meals articles. Global markets traded cautiously ahead of the US customer value index to be released today.
Palak Kothari, Research Associate, Choice Broking
On the technical front, the Index has offered a breakout of the falling trend line and taken help from the extended trendline, which suggests upside movement in the counter. On an Hourly Chart, the Index has taken help from 21 HMA and sustained above the very same recommended strength for the upside. Momentum indicators RSI & Stochastic are supporting the positive trend in the index. At present, the psychological level of 17500 could be a resistance though on the downside, 17250 might act as help for the index.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index opened a day with great gap but unable to sustain on highs and saw profit booking & closed a day at 17380 with minimal gains. Index once more took hurdle from its prior swing higher and forming sort of double leading pattern on reduce time frames which will be active beneath 17250 zone, for additional upside index desires to sustain above 17450 zone otherwise we might see more profit booking & we might head towards instant help zone of 17300-17250 zone.
S Ranganathan, Head of Research, LKP Securities
The day fairly clearly belonged to the Nifty Media index which has been underperforming other sectoral indices. The big upmove today in ZEEL fired up the Media index as gains seen in other stocks looked pale in comparison. The broader markets witnessed profit booking today in stocks which have seen a large run up in current occasions.