Market

Sensex falls 460 pts as bears make a comeback on D-Street, Nifty slips under 17200, assist at 16950

Bears returned to Dalal Street on the week’s final buying and selling day as Indian fairness markets ended decrease on Friday as buyers booked earnings at increased ranges. Benchmark indices erased intraday good points and turned unstable in late midday commerce as losses in public sector banks, IT, and vitality shares weighed. While the S&P BSE Sensex closed at 57,061, down 460 factors or 0.8%, broader NSE Nifty 50 shut store at 17,102.5, down 142.5 factors or 0.83%. Nifty Bank index dropped 335 factors or 0.92% to shut at 36,088. All the sectoral indices ended within the crimson with financial institution, oil & fuel, realty, PSU financial institution, energy, and capital items indices misplaced 1-2%.

“Dips were encouraging investors to accumulate quality stocks with focus on defensives & domestic growth sectors like manufacturing & capital goods. However, a shrink in the US economy and rate hike expectations in the upcoming Fed meet triggered sell-off in the global market. Domestic market reduced exposure ahead of the shortened next week and opening of India’s largest IPO,” stated Vinod Nair, Head of Research at Geojit Financial Services.

Rupak De, Senior Technical Analyst, LKP Securities

“Nifty formed a bearish engulfing pattern on the daily chart suggesting weakness in the near term. Besides, the benchmark index failed to float above 200DMA. The daily RSI has entered a bearish crossover. Going ahead, the correction may take the Nifty towards 16800, whereas on the higher end. 16,200 may continue to act as immediate resistance.”

Sumeet Bagadia, Executive Director, Choice Broking

“Technically, the nifty index has slipped from Middle Bollinger Band formation & moved below 21 days EMA that suggest bearishness for the coming day. Moreover, the index has also formed a Bearish Engulfing candlestick pattern on the daily chart, which is a bearish indication for the near term. However, the index is still taking support at 50-SMA and an indicator Stochastic is hovering near the oversold zone. At present, the index is having support at 16950 levels while resistance is placed at 17300 levels. On the other hand, Bank nifty has support at 35700 levels while resistance at 36500 levels.”

Mohit Nigam, Head – PMS, Hem Securities

“The Indian equity benchmarks trimmed all of their gains in late afternoon session and ended in red. Benchmark index closed with the loss of 0.83%. Weakness in select Energy and Oil & Gas shares dragged key gauges lower, while buying was seen in Healthcare and metal stocks. On technical front, Nifty50 may take support at 16,950 levels and may face resistance at 17,400 levels. In case of Bank Nifty immediate support and resistance levels are 35,700 and 36,600 level respectively.”

(The suggestions on this story are by the respective analysis analysts and brokerage corporations. Financial Express Online doesn’t bear any duty for his or her funding recommendation. Capital market investments are topic to guidelines and laws. Please seek the advice of your funding advisor earlier than investing.)



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