HomeFinanceSensex closes with losses again, Nifty short-term trend bearish, support placed at 17750

Sensex closes with losses again, Nifty short-term trend bearish, support placed at 17750

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Bears continued to control Dalal Street momentum on Wednesday, forcing benchmark indices lower for the second day straight. S&P BSE Sensex fell 314 points or 0.52% to end at 60,008 while Nifty 50 was just below 17,900 at the end of the day’s trade. India VIX ended 1.45% lower, giving up 14.98 levels. Asian Paints was the top gainer on Sensex, up 2.35%, followed by Maruti Suzuki, Power grid, and NTPC. Reliance Industries was the top laggard, down 1.91%, followed by Axis Bank, Kotak Bank, Bharti Airtel, and Titan. Bank Nifty closed 0.69% lower at 38,041 while the broader markets closed largely in the red, except the Nifty Smallcap 100.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities –

“The short term trend of Nifty is down and the bears have started to participate actively in the market. The next important support for bulls is around 17750 and a move below this area is likely to open sharp weakness in the near term. Minor upside bounce from the lower support is not ruled out in the short term.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“One more round of selling witnessed in today’s session and the index closed a day at 17900 with loss of more than half percent forming a bearish candle for the third consecutive day. The index managed to breach its rising trend line support of 17900 zone which hints we may see more pressure if the index continued to trade below 17900 zone towards 17800-17700 zone which are next supports for nifty and resistance is coming near 17950-18000 zone above 18k mark only we may see good strength.”

Ajit Mishra, VP – Research, Religare Broking –

“Feeble global cues are weighing on sentiment and there’s nothing much to cheer on the domestic front as well. Indications are in the favour of further slide but the pace would be gradual. Nifty has next support around 17,800-17,700 zone. In case of a rebound, 18,000 would act as a hurdle. Participants should align their positions accordingly.”

Sachin Gupta, AVP, Research, Choice Broking –

“On an hourly chart, the index has given a trendline breakdown, which points out some corrections. Furthermore, the index has given closing below 21 DMA as well as the stochastic indicator is trading negative crossover. At present, the index has support at 17750 levels, while resistance is at 18100 levels.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Robust US retail sales data failed to inspire global markets as domestic indices were seen trading with a negative bias to close deep in the red. UK’s rising annual inflation rate reported at 4.2% in October from 3.1% a month ago, has begun to sour investor moods, adding to the existing inflationary worries. US October Retail Sales data rose 1.7% MoM, beating estimates. The surge in fresh covid cases is keeping global investors on the edge fanning fears of an economic slowdown. On the domestic front, the auto sector was in focus as reports suggested relief in chip & semi-conductor shortages”

Gaurav Udani, CEO & Founder, ThincRedBlu Securities –

“Nifty traded in a small range of 100 points today. It closed negative by 110 points at 17890. Nifty is showing weakness and its important for it to trade above 17800, if broken we may see 17650 as next support level. On the higher side Nifty has resistance in 18100 – 18200 range. Traders are suggested not to buy falling markets and wait for Nifty to close above 18200 with higher-than-average volumes before taking new long positions.” 

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