BSE Sensex and Nifty 50 tumbled from record-higher levels on Friday, placing a 3-day winning run to a halt. BSE Sensex tanked 721 points from record higher to settle at 59,016, although Nifty 50 plunged 208 points from a lifetime higher to finish trade at 17,585. During intraday Sensex surged to a historic higher of 59737.32 and Nifty 50 rallied to 17,792.95 levels. Index heavyweights such as Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever Ltd (HUL), and Infosys contributed the most to the indices’ loss today. the broader market place underperformed the equity benchmarks. BSE MidCap index tumbled 1.14 per cent or 290 points to 25,046, and BSE SmallCap index fell 1.06 per cent or 300 points to 28,007. During the day, each the indices made fresh record higher levels. India VIX, the volatility index, jumped 5.7 per cent to 15.23 levels.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index closed a week at 17586 with gains of more than one % and formed a bullish candle on the weekly chart. On Friday session index has witnessed fantastic profit booking resulting formed dark cloud cover sort of candle pattern on every day chart which is viewed as to be a bearish reversal pattern by nature so any break under 17530 zone we might see more drag down the index, quick help is nonetheless placed at 17500 followed by 17430 zone & resistance is coming close to 17650-17750 zone also profit booking is recommended about mention hurdle zones.
Vinod Nair, Head of Research, Geojit Financial Services
Despite a powerful opening, domestic indices gave up early gains to trade flat driven by profit booking and mixed international sentiments. PSU Banks have been heavily wounded by profit booking even though the government authorized a assure of Rs.30,600 crores to the National Asset Reconstruction Company Ltd with an aim to clean stressed assets from the banking sector. Global markets traded cautiously bracing for the Fed Reserve and Bank of England policy meetings next week.
S Ranganathan, Head of Research, LKP Securities
While the pace of vaccinations and encouraging export information helped bulls get closer to the 60K mark amidst the FTSE & MSCI rebalancing of flows, profit taking took away all the gains ahead of the GST Council Meet. Even as the BFSI biggies held fort today, the reduce in the compact and midcap indices weakened market place breadth as was evident in the advance-decline ratio at close today.
Ashis Biswas, Head of Technical Research, CapitalVia Global Research
The market place witnessed a compact correction and an try to hold the level above the Nifty 50 index level of 17600. The market place suggests that 17450-17500 will be an essential help zone for the market place to remain positive in the brief term. If the market place is in a position to sustain the level of 17450-17500, market place can witness greater levels of 17850. The momentum indicators like RSI and MACD indicating positive momentum is probably to continue.
Sachin Gupta, AVP, Research, Choice Broking
Technically, the nifty index has formed a bearish candle at the leading of the trend and is reserved from the resistance of Upper Bollinger band formation, which indicates some profit booking for the upcoming session. However, the bullish trend is nonetheless intact as the nifty50 index is holding gains above 17250 levels. Although we can count on some fight among bulls & bears along with the volatility, just about every dip would be a obtaining chance. At present, the nifty might discover the resistance about 17800 levels although on the downside, 17400 might act as help for the index.