BSE Sensex and Nifty 50 ended with losses for the fourth consecutive day on Friday. On a weekly basis, headline indices have fallen almost 2 per cent. On Friday, BSE Sensex ended 361 points or .6 per cent down at 58,766, though the Nifty 50 index fell 86 points or .5 per cent to settle at 17,532. Index heavyweights such as Housing Development Finance Corporation (HDFC), ICICI Bank, HDFC Bank, Tata Consultancy Services (TCS), and Bajaj Finance contributed the most to the indices loss today. In the broader markets, smallcap index ended in the positive territory, increasing half a per cent to settle at 28,216. BSE MidCap index, nonetheless, settled flat with a damaging bias, down at 25,224.20 apiece. India VIX, the volatility index, cooled off 6.48 per cent to finish at 17.21 levels.
Rohit Singre, Senior Technical Analyst, LKP Securities
The index closed a week at 17532 with a loss of almost two % and formed a bearish candle on the weekly chart. on each day chart, index formed a Doji candle pattern on Friday session which hints indecision in the markets, going forwards index has formed supports close to 17450-17400 zone if managed to sustain above-mentioned levels one can anticipate a decent pullback towards quick & robust hurdle zone of 17620-17740 exactly where one can lock quick profit in longs also the general variety for the nifty is coming in among 17300-18000 zone.
Vinod Nair, Head of Research, Geojit Financial Services
Despite favourable development India’s core sector output, which accelerated by 11.6% in August from 9.9% in July, domestic indices have been in red reflecting weak international cues and losses in heavyweights. High Eurozone inflation at 3.4% in September, slowing international development and the current Chinese crisis bolstered international sell-off. The auto sector is hold-on regardless of weak sales, in anticipation of festival demand, as numbers from important producers showed a fall in September sales mostly due to semiconductor provide shortage.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market place witnessed some lackluster movement and an try to hold the level about the Nifty 50 Index level of 17450. 17550-17600 will not act as a resistance for the market place. It might witness a additional correction in the market place to continue till the levels of 17300-17350. Technical indicators recommend a volatile movement in the market place. The traders to refrain from developing a new obtaining position till additional improvement in the market place breadth.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Global markets after once more dictated trends and cautious investors took the chance to book earnings as benchmark Nifty witnessed promoting stress close to the 17900 resistance level. After a spectacular rally last week, the index has formed a bearish candle and on intraday charts, it has maintained reduce best series formation which indicates short-term weakness. While the market place will stay volatile in the close to future, the 17650-17750 level would be the essential resistance level for traders though 17400-17300 could act as sacrosanct help for positional traders. Contra traders might take contra bet close to 17300 help with strict help quit loss at 17250. On the flip side, partial profit booking is advisable among 17650 to 17750 levels. Meanwhile, Bank Nifty is presently trading close to the critical help level of 36750 and it also completed one leg of correction. Key help levels for Bank Nifty are 36800 followed by 36200, and the structure suggests additional upside if it succeeds to trade above 36800.
Palak Kothari, Research Associate, Choice Broking
On the technical front, the Index has provided a breakdown of the increasing trendline and provided closing beneath the exact same, which suggests some correction can come. On a each day chart, the index has been trading with reduce higher, reduce low formation, which indicates weakness in the counter. Moreover, the index has began to trade beneath 21 DMA, which adds weakness to the counter. At present, the Nifty has quick help at 17400 though resistance comes at 17750 levels.