Internal headline indicators saw some profit booking on Tuesday, a day after the intense rally. The S&P BSE Sensex was down 435 points or 0.72% at 60,176 while the Nifty 50 Index was down 96 points or 0.53% at 17,957. NTPC was the top gainer in the BSE Sensex, up 3.4%, after Power Grid Corporation, ITC and Titan. HDFC Bank lags behind, falling 2.98%, including Bajaj Finserv and HDFC. The Bank Nifty index turned red while the larger markets were green with closing sand. India VIX has recovered 18 levels by zooming 3.24%.
Nagraj Shetty, Technical Research Analyst, HDFC Securities –
“The sharp rise in the market seems to have stopped and the Nifty has shifted to a small profit booking mode. Any sharp weakness can be blown away from here, but for the next few sessions one can expect range movement near the 18200-17800 level. Significant resistance at the 18200 level could eventually be reversed.
Rupak Dey, Senior Technical Analyst at LKP Securities –
“The Nifty was on the sidelines during the session. At the upper end, it found resistance around the previous height before the end of the session in red. However, the Nifty has been able to close above 200DEMA indicating a general positive trend. At the upper end, 18150 may continue as an immediate resistance, at the lower end, support visible at 17800. “
Palak Kothari, Research Associate, Choice Broking –
“Technically, the nifty50 has encountered resistance from the 18100 level and has shown negative momentum but has been able to close above its 50-day simple moving average, indicating that it may show a bounce back. The Nifty could find support near the 17800 level while the 18150 could act as an immediate barrier to the upward index. Bank Nifty, on the other hand, supports the 37700 level and resists at the 38700 level
Mohit Nigam, Head – PMS, Hem Securities-
“The Nifty 50 has closed below the good resistance zone of 18,000 and if the index stays below the 18,000 mark for the upcoming trading session, we could see a further downward move towards the 17,800-17,600 mark which is another downward support zone. The width of the market was diagonal in favor of the bull. About 2,334 stocks advanced, 1,069 declined and 104 remained unchanged. The key support for the Nifty 50 is 17,800 and the Nifty may face some resistance at 18,500. “
Binod Nair, Head of Research at Geojit Financial Services –
“After yesterday’s rally and the global market has moderated, the key indicators have taken a breather. However, the broader market has continued its positive trend. Mid and smallcaps have become attractive after the last 5 to 6 months of integration. Such a trend can be expected in the short to medium term as Russia-Ukraine war, rate hikes and inflation depend on current market prices. “