BSE Sensex and Nifty 50 snapped a two-day gaining streak on Wednesday, on the back of profit-booking in index heavyweights such as Reliance Industries Ltd (RIL), Infosys, ICICI Bank, Kotak Mahindra Bank, HCL Technologies, amongst other folks. BSE Sensex tumbled 774 points from the day’s higher to finish at 59,190. While NSE’s Nifty 50 index settled at 17,646, falling 239 points from day’s higher. In the broader marketplace, BSE Midcap index plunged 1.22 per cent, finishing at 25,374. S&P BSE SmallCap index fell 158 points or .55 per cent to finish at 28,693. Sectorally, Bank Nifty index fell more than half a per cent to finish at 37,522. India VIX, volatility index, jumped 5.70 per cent to finish at 17.33 levels. Chartists say that the Nifty index under 17,550 will take it to 17,200 levels.
Rohit Singre, Senior Technical Analyst, LKP Securities
Nifty formed a bearish candle right after forming two consecutive bullish candle previously. The index has decisively breached majority help zone now going ahead instant help zone is coming close to 17600-17500 zone if managed to sustain above-mentioned levels one can count on a swift pullback and now superior resistance is formed close to 17700-17770 zone exactly where once again we could see some sort of profit taking.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Nifty 50 index was unable to sustain at larger levels and nosedived thereafter. Strong help for Nifty lies amongst 17400 and 17500. This level was respected the last time as well. If we are unable to repeat this, we could plummet additional to 17200. On the upside, unless we do not get previous 17950, the uptrend will not resume and if we conquer it, 18200 can be the next achievable target.
Sahaj Agrawal, Head of Research- Derivatives, Kotak Securities
Nifty50 continues to stay in a medium-term uptrend – we count on 18500 to be conquered going ahead. For the quick term properly, information parameters recommend positive bias to hold. Immediate help for the index is seen at 17640 though 18000/18200 is anticipated on the larger side getting on dips is advisable. Metals are displaying early indicators of reversal though the NBFC space is anticipated to stay in action midcap also remains in momentum with outperformance anticipated to continue.
Vinod Nair, Head of Research, Geojit Financial Services
Weak worldwide markets which resulted in profit booking in metals and IT stocks led domestic indices to trade in red, trimming its early gains. Spike in crude costs is spooking the Indian marketplace though inflation is affecting US bond yields. RBI commenced its 3-day MPC meeting in which the central bank is anticipated to preserve prices unchanged, nevertheless, it is most likely to announce measures to steadily pump out liquidity from the economy.
Ashis Biswas, Head of Technical Research, CapitalVia Global Research
The marketplace witnessed a correction and an try to hold the level above the Nifty 50 index level of 17600. Market is going to be important for the quick-term marketplace situation to sustain above the 17450-17550 Nifty50 index help zone. If the marketplace is unable to sustain the level of 17450-17550, and marketplace can witness additional corrections till the levels of 17250-17300.
Rahul Sharma, Co-Founder, Equity99
Nifty witnessed a sharp decline in the second half of the session. On hourly charts, we can see a reversal which crossed 89WMA & 50DEMA but has taken help by its one hundred DEMA. Support additional is placed at 17595 followed by 17490 and 17375. Similarly on the upside 17750 will act as instant hurdle, cross-more than will once again test 17850-17900 levels. Bank Nifty which was a great deal steady than the principal index but showed a equivalent signal, the second half of the session was filled with provide. Now going forward, help for Bank Nifty is placed at 37300 -37100-36900 and resistance is placed at 37800 – 38100 levels.