BSE Sensex and Nifty 50 index snapped their 3-day record closing spree on Wednesday, ahead of the outcome of the US Federal Reserve’s monetary policy meeting. BSE Sensex ended weak at 52,502, though the broader Nifty 50 index settled decrease at 15,767. The broader industry underperformed the equity benchmarks. The S&P BSE Midcap index fell 218.06 points or .95 per cent to finish at 22,689.35, though S&P BSE SmallCap index lost .68 per cent or 171.21 points to finish at 25,015.06. India VIX, the volatility index, gained 1.78 per cent to finish at 14.87 levels.
Rohit Singre, Senior Technical Analyst at LKP Securities
After forming a Doji candle pattern in yesterday’s session nifty formed a bearish candle on every day chart & provided close at 15756 with loss of practically one %. Nifty reached to its excellent assistance zone of 15750 if break then some more slide towards next assistance zone of 15650 but if managed to hold above excellent assistance zone then some decent pullback can be a witness towards 15850-15900 zone exactly where one can once more lock their gains in longs.
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
For the quick term traders, an aggressive trade has not triggered however for the Index though stock particular move continues assistance maintaining a verify on leveraged positions. For investors, the broader sentiment remains positive with acquiring on meaningful dips advisable. Any correction on account of the FED meet outcome remains an chance to accumulate. IT and FMCG stay robust though pick BFSI stocks can be purchased at existing levels.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty managed to close above the assistance of 15700 which is a positive sign. If we break this level on a closing basis, the existing trend would require to be evaluated once more. A danger reward trade can be regarded at these levels exactly where the target would be 15900-16000 and a cease could be placed beneath the closing of 15700. Until we do not break 15700 on a closing basis, the existing trend remains bullish.
Vinod Nair, Head of Research at Geojit Financial Services
Indian indices slipped ahead of the Fed policy announcement as worldwide markets turned cautious. Weakening MoM sales information and increasing costs in the US are adding issues to ongoing inflationary trend. But Fed sustaining an accommodative policy and a calm comment on quick-term inflationary stress can drive the markets ahead.