Sensex snaps 4-day losing streak, Nifty ends above 17180-17200 support, charts suggest upside bounce

S&P BSE Sensex closed 113 points or 0.20% higher at 57,901 while NSE Nifty 50 ended 27 points or 0.16% higher at 17,248.

Benchmark indices snapped their four-day losing streak on Thursday, helped by index heavyweights such as Infosys and Reliance Industries. S&P BSE Sensex closed 113 points or 0.20% higher at 57,901 while NSE Nifty 50 ended 27 points or 0.16% higher at 17,248. Broader markets underperformed and closed with losses. Bank Nifty ended 0.65% lower while India VIX fell over 7%. Bajaj Finance gained 2.6%, followed by Infosys, Titan, and RIL. Maruti Suzuki India was down 1.5% as the top Sensex laggard, followed by ICICI Bank, Bajaj Auto, and Sun Pharma.

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities –
“The short term trend of Nifty continues to be range-bound with negative bias. The market sustaining above the support of 17180-17200 levels, post bearish pattern hints at a possibility of an upside bounce from the lows in the coming sessions. Any sustainable upmove from here could encounter resistance around 17550-17600 levels again in the near term.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index opened a day with good gap but profit booking since start of the day erased most of the gains and index closed a day at 17248 with minimal gains. Index again respected the support zone of 17200 & witnessed some pull back now going forwards also 17200 again will be the first support for nifty followed by 17140 zone if managed to sustain above said levels then some extension can be possible towards 17370-17450 zone which are immediate resistance on the higher side.”

Sachin Gupta, AVP, Research, Choice Broking –

“Technically, the nifty index has shifted below the Middle Bollinger Band formation and 50 days SMA, which indicates bearish sentiments. On an hourly chart, the index is also trading with Lower Highs & Lower Lows formation, which points out the weakness in the counter. However, the nifty is having good support at around 17200 levels as we are witnessing buying strength from those levels. At present, the Index has support at 17200 levels while resistance comes at 17400 levels. On the other hand, Bank nifty has support at 36300 levels while resistance at 37000 levels.”

Mohit Nigam, Head – PMS, Hem Securities –

“Nifty 50 formed a bullish candle on the daily chart with the benchmark index managed to close a day near good support zone of 17,200  if managed to hold above said levels we may witness some bounce then some extension can be possible towards 17350-17450 zone which are immediate resistance on the higher side. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic bourses closed flat with a mild positive bias despite an upbeat economic outlook by the US Fed. Domestic weakness was due to FII selling and moderation in retail activity. The Fed chair announced their decision to double the pace of asset tapering by early 2022 rather than a mid-2022 paving way for three interest rate hikes, backed by a rapidly strengthening economy and employment gains amid inflation concerns. This is mostly in line with expectations taken positively by the rest of the world equity market.”

Ajit Mishra, VP – Research, Religare Broking –

“As all the major events are over now, we feel the performance of the global markets would be critical in days to come. At the same time, we expect the buzz to continue in the primary market. Among the sectors, only the IT pack looks decisive to us while others are witnessing mixed trends. Participants should plan accordingly.”

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