BSE Sensex and Nifty 50 settled in the red for the second consecutive session on the day of weekly selections expiry ahead of Consumer Price Index (CPI) and Index of Industrial Production (IIP) information later today. BSE Sensex ended at 48,691, whilst the broader Nifty 50 index breached 14,700 on the downside to settle at 14,696. Broader markets also traded in the damaging territory. S&P BSE MidCap index fell .90 per cent or 188 points to 20,744.80, whilst S&P BSE SmallCap index settled .62 per cent or 140 points down at 22,466. India VIX, the volatility index, settled at 20.08 level, down 1.26 per cent. After witnessing a sharp run-up in the current weeks, a big profit booking was seen in metal stocks.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty has pierced 14700 throughout the intra day session and managed to close about it. Hence traders would will need to critique the scenario on Friday. If we are unable to hold this level, we could drop to 14400. On the upside, if we can get back above 14850, the index can scale up to 15000 and then 15200.
Jay Thakkar – VP and Head of Equity Research at Marwadi Shares and Finance Ltd
The weekly expiry ended in the damaging territory in this truncated week. The bears had been in absolute command in the second weekly expiry of May 2021. The banking and metal sectors dragged the Index whereas handful of of the Auto, PSU Banks, Pharma and IT had been supporting the Index. The industry breadth was completely in favor of the bears. From hereon, 14800 will act as a important resistance in the quick term whereas 14600 is instant assistance. A breakdown beneath 14600 will drag Nifty to 14400-14300 levels in the close to term whereas a breakout above 14800 will take it back to 15000 levels. The Banknifty has a assistance at 32300 whereas resistance at 32800. A break of 32300 will drag it to 32000/31800 levels whereas a breakout above 32800 will take it to 33300-33500 levels.
Sumeet Bagadia, Executive Director, Choice Broking
On the technical front, the Index has been trading in Lower Highs & Higher Lows formation and tested the increasing trendline, sustained above it can show bounce-back movement in the counter. Furthermore, the index has taken assistance from the one hundred-Hourly Moving Average as effectively as momentum indicator MACD has shown positive crossover, which points out the strength for the upcoming session. At present, the Index assistance comes at 14600 levels whilst the upside resistance appears to be at 14900.
Vinod Nair, Head of Research at Geojit Financial Services
Indian indices extended its losses due to issues more than hike in worldwide interest prices and bond yield due to increasing commodity rates and inflationary stress. All significant indices belled the day in damaging terrain which includes metals whilst PSU banks and media stocks managed to keep afloat. International commodity rates will have to stabilize, to provide sustenance in the equity industry.
Mohit Nigam, President, PMS, Hem Securities
Benchmark Indices closed on a damaging note with Sensex -.96% and Nifty 50 -1.04% mainly led by metal stocks which saw a profit booking with Nifty Metal closing at -2.97%. Large Financials and Commodities had been beneath stress as well. Today was second day in a row exactly where we ended in damaging territory. 14500 remains a important assistance and industry wants to close greater than 14800 to confirm positive momentum in close to term. Tata Motors, Titan and Maruti had been amongst the best gainers whilst Tata Steel, JSW Steel and Indusind Bank had been amongst the best losers in Nifty 50 today.