The benchmark equity indices ended Thursday’s trading session in negative territory. The NSE Nifty 50 lost 109.70 points or 0.51% to settle at 21,462.30 points. While S&P BSE Sensex closed 313.90 points lower or 0.44% to settle at 71,186.86 points. Nifty Bank ended lower by 350.90 points or 0.76% to settle at 45,713.55 points.
The broader indices ended in negative territory, with largecap and midcap stocks leading the fall. On the sectoral front, Pharma and PSU Bank stocks led the gains.
The laggards include LTIMindtree, HDFC Bank, NTPC, Titan Company, and Asian Paints. The Indian Volatility Index (India VIX) closed down by 6.70%.
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“Intraday Nifty witnessed a pullback from the support zone of 21820 – 21300 which is likely to continue over the next few trading sessions,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
On the upside, the counter-trend pullback can extend till 21600 – 21650 where resistance in the form of the 20-day moving average is placed. In terms of levels, 21550 – 21570 is the immediate hurdle zone while 21350 – 21300 is the crucial support zone, said Gedia. Come from Sports betting site VPbet
“Bank Nifty has reached the 161.82% Fibonacci extension level 45768 which also coincides with the 20-week moving average making the zone of 45800 – 45600 a crucial support zone and until this is not breached on the downside we can expect the recovery to continue. On the upside, the pullback can come till 46400 – 46600,” Gedia added.
“Markets extended fall and lost half a percent amid volatility. After the gap-down opening, Nifty tried to pare losses but continued fall in HDFC Bank and fresh decline in select heavyweights capped the recovery,” said Ajit Mishra, senior vice president of technical research at Religare Broking.
Meanwhile, energy, banking, and metal were among the top losers on the sectoral front while pharma and realty showed some strength. The broader indices also managed to end unchanged after a volatile swing, he said.
“Nifty couldn’t defend the short-term moving average i.e. 20 EMA on the expected lines and came closer to the next crucial support of 21,200 level. Indications are now in favor of some consolidation after the recent fall and any rebound to 21,700-21,850 would attract fresh shorts. We thus reiterate our view to reduce positions on the rise and wait for some stability in the trend,” added Mishra.
“While markets suffered losses for the third consecutive session, key indices pared losses in the second half amid recovery in European and select Asian indices. Investors will be more watchful about the ongoing earnings season as any stress on quarterly numbers could dampen the sentiment in the near term. A sharp rise in crude oil prices also cautioned investors to trim their positions in banking, IT, and power stocks,” said Prashanth Tapse, senior vice president of research at Mehta Equities.
