Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended the last monthly F&O expiry of the FY22 on a negative note. Sensex ended 115 points or 0.20% lower at 58,568, while Nifty 50 closed at 17,464, down 33.5 points or 0.2 per cent. The top index gainers were Mahindra & Mahindra (M&M), Hindustan Unilever Ltd (HUL), Axis Bank, IndusInd Bank, Bharti Airtel, and Titan Company, among others. While Reliance Industries (RIL) contributed the most to the indices loss, followed by Infosys, HDFC Bank, Wipro. Broader markets outperformed equity indices. S&P BSE Midcap index gained 0.3 per cent or 70 points to finish at 24,108, while S&P BSE SmallCap index added 86 points or 0.3 per cent to settle at 28,216. Nifty’s volatility index, which indicates the degree of volatility traders expect over the next 30 days in the Nifty 50 index, cooled off 0.24 per cent to finish at 20.56 levels. In the financial year 2022, BSE Sensex soared 17.4 per cent, while NSE Nifty 50 rallied 18 per cent.
Ajit Mishra, VP – Research, Religare Broking
We reiterate our positive yet cautious stance citing lingering geopolitical tension between Russia-Ukraine and its impact on the global markets. Meanwhile, markets are offering opportunities across sectors so the focus should be on identifying the sectors/themes which are gaining traction and plan the positions accordingly.
S Ranganathan, Head of Research, LKP Securities
Even as markets ended the last day of the financial year in a rather quiet mood, it has delivered a 19% return this year on the Nifty with two sectoral indices – Metals & Media returning over 50% this year. On the broader market as well, both the Midcap-100 & the Smallcap-100 delivered over 25% return this year. Such returns in a year when FPI’s have pulled out big money highlights the confidence of the Indian Investor amidst a slew of headwinds.
Rupak De, Senior Technical Analyst, LKP Securities
Markets remained rangebound throughout the day as the benchmark Nifty hovered within 100 points range. However, the bais may continue to remain positive over the near to short term. On the higher end, the index may move towards 17650, whereas support is visible at 17300.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicate a range bound action in the market. After an attempt of upside breakout of immediate hurdle of 17500 levels (previous swing high of 16th Feb), the market failed to sustain the highs and slipped into minor weakness. We also observe a lack of sharp selling from near the crucial overhead resistance of 17500 levels. This could be considered as a positive for the market as this consolidation movement could eventually result in an upside breakout of the hurdle. The short term trend of Nifty is range bound and this consolidation or minor downward correction could continue for the next 1-2 sessions before showing another round of upside bounce. Immediate support is placed at 17350 levels.
Palak Kothari, Research Associate, Choice Broking
The NSE Nifty 50 index showed profit booking from higher level but managed to close above the horizontal level i.e 17400 sustained above the same suggested upside movement. Moreover, Index has tested the 61.8% RL of its previous move and closed above the same which suggests overall strength in the counter. The index has been trading with the support of the middle band of Bollinger which confirms the strength in the counter. However, the momentum indicator STOCHASTIC in trading with positive crossover on daily charts which indicates upside movement can be seen. Furthermore, the index has managed to close above 21-HMA sustained above the same can show northward direction. The Nifty may find support around 17400 levels while on the upside 17600 may act as an immediate hurdle for the index. On the other hand, Bank nifty has support at 35800 levels while resistance at 36800 levels.