HomeFinanceSensex, Nifty tank nearly 2% each as bears grip D-Street; here’s what...

Sensex, Nifty tank nearly 2% each as bears grip D-Street; here’s what analysts make of today’s trade

Credit Source

Dalal Street extended its losing streak to the fourth day today as bears ran riot and forced markets to close deep in the red. S&P BSE Sensex tanked 1,170 points or 1.96% to end at 58,465 while the NSE Nifty 50 closed 348 points or 1.96% lower at 17,416. Bharti Airtel jumped 3.7% to end as the top Sensex gainer, followed by Asian Paints, Power Grid, and IndusInd Bank. Bajaj Finance was the worst-performing Sensex stock, down 5.74%, followed by Bajaj Finserv, Reliance Industries, and NTPC. Bank Nifty dived 2.23% to end at 37,128. Broader markets mirrored the fall with most midcap and small-cap indices tanking more than 2% each.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty has extended the downturn as expected but the fact that it did not close at its low is some consolation. 17360 and then 17190 could be the supports for Nifty while 17613 could be a resistance in the near term.”

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –

“The markets broke 17600 and as expected saw a sharp move southward! 17200 is a support for the market and we came close to it and bounced thereafter. The short-term trend has definitely been disrupted. If we continue this momentum, we can slide further to 16850. The upside is now capped at 18150-18200 and until that is not crossed, we will be in a negative trend.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“Strong sell of witnessed on the first day of the week resulting index closed a day at 17416 with loss of nearly two percent & formed a bearish candle for the fifth consecutive day. The overall structure seems weak as index decisively breached good support zone of 17500-17600 zone now said levels going to act as a strong hurdle on the higher side and only above 17600 zone one can expect good recovery in index till then we may see sell on rise structure, support for Nifty is coming near 17300-17200 zone.”

Sachin Gupta, AVP, Research, Choice Broking –

“Technically, the nifty index has confirmed Head & Shoulder Pattern breakdown on the daily chart and moved down from the neckline. Moreover, the index has also sustained below Lower Bollinger Band formation, which indicates a bearish trend for the coming day. Furthermore, Stochastic & MACD has also witnessed a negative crossover on the daily timeframe, which suggests a bearish move in the index. The Nifty has immediate support at 17200 levels while resistance at 17650 levels. On the other hand, Banknifty has support at 36300 levels and resistance at 38500 levels.”

Mohit Nigam, Head – PMS, Hem Securities –

“The benchmark indices Nifty50 would take support at 17,200 while a mild resistance at 17,500. Though Bank Nifty is showing support at 36,700 and resistance at 38,300. The current correction is giving a good opportunity to all investors for a fresh investment in the markets.”

Vinod Nair, Head of Research at Geojit Financial Services-

“Subdued listing & continuation of weak trading of Paytm, India’s largest new generation fintech, is a big sentimental setback to the domestic market, which was thriving on the strong primary market. It will impact the inflow of money from the retail segment, which has been a key player during the year. FIIs are also a seller due to fear of overvaluation of India compared to peers. Weak inflow from FIIs will possibly get higher due to the withdrawal of three agriculture farm acts which brings a stoppage to governments reformist agendas in context to coming state elections next year. It was a key factor for India to trade at a premium to EMs during the year.”

Arijit Malakar, Head Research (Retail) of Ashika Stock Broking –

“Indian market declined sharply today due to weak global cues amid concerns about European Covid-19 curbs and the possibility of earlier interest-rate increases in the United States. With a large part of the festive and earnings season behind us, there are lesser triggers for an upside versus a variety of looming factors to downside risks. Reports on the deterioration of the public health situation increased the probability of liquidity rollback, and emerging inflationary trends are dampening investor sentiments.”

Read Full Article

Stay Connected


Must Read

Related News


Please enter your comment!
Please enter your name here