BSE Sensex and Nifty 50 ended more than half a per cent down on Tuesday, recouping more than 50 per cent of the intraday losses. BSE Sensex settled 410 points down at 59,668, Nifty 50 index completed trade at 17734, down 121 points. Buying in index heavyweights such as Reliance Industries Ltd (RIL), Kotak Mahindra Bank, Power Grid Corporation of India, NTPC and Sun Pharma lifted the benchmark index from the level that was last seen on 16 September 2021. Weakness in Infosys, ICICI Bank, Housing Development Finance Corporation (HDFC), Bajaj Finance, Bharti Airtel, HDFC Bank, other people contributed the most to the indices’ loss. The broader markets also performed in tandem with equity benchmarks. The BSE Midcap index fell .71 per cent and the BSE Smallcap .62 per cent. India VIX, the volatility index, gained 2.67 per cent to settle at 18.54 levels. Technical analysts say that the marketplace has completed one leg of correction and 17600 -17550 levels would act as a sacrosanct assistance zone.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd
Markets faltered as investors resorted to profit-taking following the record-breaking rally in the last handful of sessions. Investors booked profit in realty, IT and choose telecom and banking stocks that saw benchmark Nifty plunge sharply but trimmed losses to finish beneath 17800 which is broadly adverse. Technically, on everyday charts the index has formed a bearish candle which indicates additional weakness from existing levels. However, as extended as the index is trading above the 20 day SMA, the uptrend texture is intact. We are of the view that the marketplace has completed one leg of correction and now 20 day SMA and 17600 -17550 levels would act as a sacrosanct assistance zone. For day traders, 17800-17840 would be the intraday resistance level. On the flip side, 17600–17550 would be the powerful intraday assistance zone. The texture of the marketplace is volatile and it will stay volatile till the month-to-month expiry day.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty was a roller coaster ride today! The index took assistance at the 17500 level and bounced sharply from there. The trend is nonetheless positive and dips like these can be strategically utilized to enter extended positions. If the markets move greater from right here, it ought to scale up to 17950-18000.
Binod Modi, Head Strategy, Reliance Securities
Nifty 50 traded volatile with rollover moves ahead of the month-to-month derivatives expiry, as the broader markets slump on profit promoting and the breadth turned adverse. Nifty 50 recovered its partial loss from the assistance of 17,600 and closed down 120 points reduce. We think enhanced advance tax payment by corporates, powerful financial recovery, sustained development prospects and neighborhood fund getting interest will be positive for the marketplace sentiment. Expects stocks certain action in the marketplace and traders get on decline method ahead of Thursday September series F&O expiry. The Nifty solution chain for 30 September 2021 expiry showed maximum Call OI of 89.4 lakh contracts at the 18,000 strike price tag. Maximum Put OI of 59 lakh contracts was seen at 17,000 strike price tag.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty following generating a low at 17576, staged a clever recovery. In this approach it filled the upgap formed on Sept 23. In case this recovery continues and is sustained more than the next 1-2 days, then Nifty will nonetheless have a likelihood to touch 18000. Advance decline ratio continues to be in the adverse, reflecting the broader soft sentiments. 17802-17819 is the resistance in the close to term for the Nifty when 17580-17611 is the assistance.
Vinod Nair, Head of Research, Geojit Financial Services
Following adverse worldwide cues and profit booking in IT and realty sectors, the domestic marketplace hit rough climate, nevertheless, it witnessed a rebound towards the closing. Rise in US bond yield and crude oil price tag along with the Chinese crisis acted as essential headwinds to the ongoing rally in the worldwide marketplace. Amid broad-based promoting in the domestic marketplace, public sector, power and metal stocks traded greater