Major national indices posted profits on Tuesday, a day after rebounding strongly. The S&P BSE Sensex was down 435 points or 0.72% at 60,176 while the Nifty 50 index closed 96 points or 0.53% lower at 17,957. NTPC was the main stock gainer on the BSE Sensex , up 3.4%, followed by Power Grid Corporation, ITC and Titan. HDFC Bank lagged the most, down 2.98%, accompanied by Bajaj Finserv and HDFC. The Bank Nifty Index was down in the red while the broader markets were in the green at the close. The Indian VIX regained 18 levels, with a zoom of 3.24%.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities –
“The strong bullish momentum in the market appears to have stalled and the Nifty has shifted into a minor profit booking mode. Any sharp weakness from here could be ruled out, but range movement around 18200-17800 levels for the next few sessions.The important resistance of the 18200 levels could possibly be broken on the upside.
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Rupak De, Principal Technical Analyst at LKP Securities –
“Nifty stayed on the side during the session. On the high end, it found resistance around the previous high before ending the session in the red. However, the Nifty managed to close above 200DEMA indicating a dominant positive trend. At the upper end 18150 may continue to remain immediate resistance, at the lower end support is visible at 17800.”
Palak Kothari, Research Associate, Choice Broking –
“Technically, the nifty50 faced resistance from the 18100 levels and showed bearish momentum, but managed to close above its 50-day simple moving averages, indicating that a hold at Above the same may show a bounce.The Nifty may find support around the 17800 levels while on the upside 18150 may act as an immediate hurdle for the index.On the other hand, Bank nifty has support at 37700 levels while resistance at 38700 levels.
Mohit Nigam, Head – PMS, Hem Securities –
“Nifty 50 closed below the good resistance area of 18,000 and if the index holds below the 18,000 mark for the next few trading sessions, we could see a bigger decline towards 17,800-17 600 which is another area of support on the downside. The breadth of the market was skewed in favor of the bulls. About 2,334 stocks were up, 1,069 were down and 104 were unchanged. Crucial support for Nifty 50 is at 17,800 while Nifty may face some resistance at 18,500.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Major indices took a breather after yesterday’s rally and as the global market moderated. But the overall market continued its positive trend. Mid & Smallcaps have become attractive after the consolidation of the last 5 to 6 months. Such a trend of outperformance can be expected with short to medium term volatility as the Russia-Ukraine war, rate hikes and inflation factor into the current market price.