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Sensex fails to hold intraday gains, closes in red for fourth day running, Nifty support at 16000

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S&P BSE Sensex shed 276 points or 0.51% to close at 54088 while NSE Nifty 50 index fell 72.95 points to close 0.45% lower at 16,167.

For the fourth consecutive day, Sensex and Nifty closed with losses as bears forced indices to give up intraday gains. S&P BSE Sensex shed 276 points or 0.51% to close at 54088 while NSE Nifty 50 index fell 72.95 points to close 0.45% lower at 16,167. Axis Bank was the top gainer on Sensex, up 2.5% while IndusInd Bank gained 1.67%, followed by HDFC, and Kotak Mahindra Bank. Larsen & Toubro was down 2% as the worst-performing Sensex stock, accompanied by Bajaj Finserve, NTPC, and Bajaj Finance. Bank Nifty zoomed 0.61% while India VIX gained 2.2% to close above 22 levels.

Rupak De, Senior Technical Analyst at LKP Securities–

“Nifty recovered smartly from the day’s low before closing with a marginal loss. On the lower end, it found support at 16000 as it closed at 175 points off the day’s low. On the daily chart, a large lower wick indicates buying at the lower level. On the higher end, the Nifty is likely to move towards 16400. On the lower end, support is seen at 16100/15950.”

Mohit Nigam, Head – PMS, Hem Securities –

“An improved macroeconomic stability profile, the government’s capex push, external sector buffers, and a broadly supportive fiscal and monetary policy environment would all help for a sharp recovery. Investors should exercise caution in these markets and take advantage of any drops in fundamentally sound stocks. Immediate support and resistance for Nifty are 16,000 and 16,500 respectively. Immediate support and resistance for Bank Nifty are 34000 and 35,000 respectively.”

Palak Kothari, Research Associate, Choice Broking –

“Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter. However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Investors continue to remain wary despite global markets trading in green due to drop in domestic investors confidence & FII selling. The market turned volatile waiting for the release of April US inflation data, which is expected to cool down marginally. Inflation will continue to be elevated but the chance of major reactions is low because it has been factored in by the markets. The major determinant for market direction would be the pace of decline in inflation in response to the Fed measures.”

S Ranganathan, Head of Research at LKP securities –

“Indices displayed extreme volatility today ahead of the CPI & IIP data this week. While we did see a sharp recovery in Indices during Afternoon Trade, the market breadth was very weak with several stocks in the broader market taking a big knock-on selling pressure as the Small-Cap Index lost 3% today.”

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