Sensex and Nifty closed marginally reduced for the second day straight. S&P BSE Sensex closed 19 points reduced at 51,309 although Nifty 50 closed at 15,106. Benchmark indices recouped most intra-day losses but failed to finish the day’s trade in the positive territory. Nifty Midcap 50 gained 1.14% although the Nifty Smallcap 50 index closed .87% greater. The worry gauge of domestic equities ended 1.62% reduced at 23.88. Among sectoral indices, Nifty Bank, Nifty Private Bank, Nifty FMCG, Financial Services, and Nifty Metal closed with losses.
Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities –
The benchmark index moved in a narrow variety. Today’s intraday activity has been lackluster with a momentum of close to 190/650 points. The international cues had been tepid also. Post the 1500/5600 points sharp rally, index is trading inside a narrow variety, which indicates bulls might have began feeling discomfort to go additional lengthy close to 15250/51810. But technically, a fresh uptrend rally is feasible only just after 15270/51900. For the next couple of trading sessions, 15270/51900 ought to act as a trend decider level, above which we can count on a breakout rally towards 15315-15350/52500-53000. However, trading beneath 15045 /51300 could possibly open one more correction wave up to 14880/ 50800-50500 levels.”
Vinod Nair, Head of Research at Geojit Financial Services –
“The market witnessed a slip in its momentum during a volatile day as losses in banking stocks weighed on the sentiment. Auto, realty and consumer stocks remained firm along with mid and smallcap indices outperforming. US markets remained positive, supported by upbeat quarterly earnings while the trend was followed by most of the global peers.”
Ajit Mishra, VP – Research, Religare Broking –
“Much on the expected lines, the benchmark traded volatile in a range and settled almost unchanged. We’re seeing a healthy pause after the budget up move and it’s more of a time-wise consolidation so far. We suggest keeping a close watch on the banking index for cues on the further directional move in Nifty. Also, earnings announcements from some of the prominent companies like ACC, Ashok Leyland and ITC will be in focus on Thursday. Amid all, we reiterate our bullish bias and advise continuing with the “buy on dips” strategy.”
Manish Shah, Founder, Niftytriggers –
“The key highlight of the day was a sharpish reversal off the lows of the day. There is a small up gap between 15008-15053 and this gap has acted as a support to the falling market. The gap has performed the function it was supposed to. It managed to stop a falling market. Nifty showed a bottoming tail candle towards the end of the day. In a fast-moving market corrective declines may last for 2-3 days.”