BSE Sensex and Nifty 50 ended in the adverse territory in the fag-finish promoting on weekly F&O expiry day. BSE Sensex fell 163 points from yesterday’s close to finish at 55,629, just after hitting a new record higher of 56,118. While Nifty 50 index gave up 16,600 levels, in spite of surging to 16,701.85, a fresh all-time higher. Profit booking in index heavyweights such as ICICI Bank, Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank and Infosys contributed the most to the indices’ loss. In the broader industry, BSE Midcap index outperformed the equity benchmarks, increasing .3 per cent to 23,121.77. While BSE Smallcap index fell .18 per cent to settle at 26,237.88. Indian stock markets will stay shut on Thursday on account of Muharram.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities
The industry had been rallying sharply more than the previous couple of sessions and therefore investors booked some profit today, but not just before important benchmark indices hit fresh record highs in early trade. After a lengthy time on each day charts, Nifty has formed a bearish candle and intraday charts are also indicating a additional weakness from existing levels. In the close to future, the benchmark index may perhaps consolidate among 16420 to 16700 levels. On the down side, 16500-16450 could be the important assistance levels. On the other hand, the 16650-16700 level would be the quick hurdle for the index. Below the 16450 level, uptrend could be vulnerable.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index opened a day with a robust gap but profit booking from greater-finish led index closed in adverse territory at 16569 with loss of practically half per cent and formed a bearish candle just after forming bullish candles for 4 consecutive sessions. The index has formed dark cloud cover candle pattern on the each day chart which is bearish reversal candle pattern by nature, the index nevertheless has fantastic assistance zone at 16500 if broke then we may perhaps see more profit booking comes in & we may perhaps see index dragging towards 16400 zone and now resistance is coming close to 16630-16700 zone.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty gave a sharp correction just after generating a lifetime higher of 16701 and closed close to its day low at 16550 down by 60 points. Banknifty also closed beneath its important assistance level at 35480 down by 380 points. Today’s bearish movement indicates a starting of a achievable correction. Nifty has assistance at 16480 and 16450 levels beneath which it can test 16350. Banknifty can test 35200 and 35000 in the next couple of days.
Rahul Sharma, Co-Founder, Equity99
Decisions in the ongoing CCEA meeting will have an effect on markets on Friday. Sector to focus on Friday are Automobiles, Logistics, IT, Pharma. Nifty in the initial half of today’s session made historical higher levels of 16701, in the second half of industry the momentum went low and we witnessed a decline of 45.75 points & closing at 16568.85. Going ahead, for Friday, Nifty will have quick assistance at 16500 levels followed with 16450-16375 levels and on the upside 16700 will act as resistance. Nifty Bank which underperformed Nifty50 which lost more than 400 points and closed at 35554.50 has quick assistance at 35300 & if it breaks this level then 35000- 34850 will be the next assistance level. On the upside 35800 will be the hurdle above which 36000-36200 will act as a resistance level.
Vinod Nair, Head of Research, Geojit Financial Services
Succumbing to profit-booking, Indian industry gave away its gains. Bleeding banking, realty and metal stocks dragged although midcaps supplied some relief but the broad trend was weak. European markets traded cautiously as Eurozone inflation accelerated to 2.2% in July, beating ECB estimates of 2% owing to a spike in power costs. The industry are awaiting the US Fed meeting minutes to provide some path on future policy, which is anticipated to showcase its existing accommodative policy in-line with the most up-to-date policy statement.