Asian Paints, Axis Bank, UPL, HUL and ONGC were the top Nifty losers, while Tata Consumer Products, IOC, TCS, Infosys and L&T were the gainers in the pack.
Indian benchmark indices ended flat in the volatile session on Friday amid weak global cues. Sensex snapped 4-day rally to end 12.27 points or 0.02% down at 61,223.03, while Nifty50 closed 2 points or 0.01% down at 18,255.80. Bank Nifty ended 99 points or 0.26% down at 38,370. Asian Paints, Axis Bank, UPL, HUL and ONGC were the top Nifty losers, while Tata Consumer Products, IOC, TCS, Infosys and L&T were the gainers in the pack. Among sectors, IT, capital goods and realty indices rose 1 per cent each on Friday, while selling was seen in the auto, pharma, bank, FMCG sectors. In broader markets, BSE midcap and smallcap indices ended on a positive note.
Sachin Gupta, AVP, Research, Choice Broking
“Technically, the Nifty50 has been trading in a bullish trend from the last couple of days without enabling selling pressure that indicates a bullish trend. On the daily chart, the recent candle has engulfed the last two days of candle and closed near the day high. The index has also been hovering above the Ichimoku Cloud formation with the positive cross line. A momentum indicator RSI * Stochastic has also indicated a positive crossover. At present, the Index has support at 18100 levels while resistance comes at 18350 levels, crossing above the same can show 18500-18600 levels. On the other hand, Bank Nifty has support at 37800 levels while resistance at 38800 levels.”
Mohit Nigam, Head – PMS, Hem Securities
“Investor sentiments were hit as a recent report from the United Nations projected India’s GDP at 6.5% in FY22 from its earlier forecast of 8.4%. Asian markets were also trading in negative territory amid weak signals coming from wall street due to rising cases of coronavirus in the US. On the technical front, the key resistance level for Nifty50 is 18400 and on the downside 18000 can act as strong support. Key resistance and support levels for Bank Nifty are 38800 and 37800 respectively.”
S Hariharan, Head- Sales Trading, Emkay Global Financial Services
“Strong guidance from many members of the US FOMC about hiking interest rates in CY22, alongside continuing high inflation prints globally, make for an adverse flow environment for equities in general. The reaction to strong results from frontline IT names appears to point to heavy pre-positioning in the market, and might be a recurring theme for the ongoing results season – in that good results are priced in and fresh catalysts may be needed to push the ongoing rally further. We anticipate strong results from frontline Banks and Metals companies and weak results from Auto, FMCG and Chemicals sectors. At an index level, we expect to see strong resistance at current levels and would anticipate a pull-back in the near-term.”
Deepak Jasani, Head of Retail Research, HDFC Securities
“Nifty rose for the fourth consecutive week rising 2.49% in the longest winning streak since the week ended September 24, 2021. Nifty is now close to 18500-18600 resistance band. Nifty has made a near double top in the 18272-18287 band. A breach of this is necessary for the Nifty to continue its upmove. On falls 18120-18130 band could provide support.”
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