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Sensex, Nifty end in red, give up two-day gaining streak; here’s what experts make of today’s trade

Bank Nifty closed 0.24% lower. India VIX jumped 5.87%.
(Image: REUTERS)

Domestic equity markets witnessed a tug of war between bulls and bears on Monday, resulting in a volatile trading session that forced benchmark indices to close in the red. S&P BSE Sensex closed 123 points or 0.23% lower at 52,852, while the NSE Nifty 50 index closed 31.6 points or 0.20% lower at 15,824. State Bank of India and Reliance Industries Ltd were the top drags, falling 1.3% each, followed by Mahindra & Mahindra, Tech Mahindra, and Larsen & Toubro. Among the gainers were Bajaj Finserv, jumping 2.46%, followed by Ultratech Cement, Sun Pharma, and Titan. Broader markets closed mixed with smallcap indices on NSE closing with gains. Bank Nifty closed 0.24% lower. India VIX jumped 5.87%. 

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“The Nifty has started the week on a tepid note and continues to remain range-bound with lackluster volumes. 15600 is now a short term support while 15400 is a good medium-term support. 15900 is a stiff resistance and we have witnessed severe selling pressure around that level. Until we are not successful in getting past either of the two levels, the markets will continue to vacillate between 15400 and 15900.”

Vinod Nair, Head of Research at Geojit Financial Services

“Indian market swung between gains and losses in today’s volatile trade reflecting weak global peers as investors await a slew of quarterly earnings. Chinese education, property, and tech sectors fell sharply after tighter government regulations. Globally, markets are awaiting the upcoming Fed meeting this week to have clarity regarding the timing of asset purchase tapering.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index started the week with mild losses and closed a day at 15824 and formed Doji sort of candle pattern on daily chat which hints indecision.  The index has good support around 15770-15700 zone holding above said levels we may see positive momentum to be continued towards 15900-16000 zone which are strong resistance zone & fresh upside-only possible when we see a decisive close above 16000 mark until then current range of 15600-16000 will extend further.”

Sumeet Bagadia, Executive Director, Choice Broking –

“On the technical front, the Index has taken support from 21-DMA, i.e., 15790 level, which suggests sustained above the same can show upside movement. Moreover, the Index has taken support from the middle band of Bollinger, which indicates sustained above the same adds bullish momentum for upside. Four hourly Momentum Indicator MACD is also showing positive crossover which suggests strength for the next day. At present, the Nifty is having support at 15600 level while resistance comes at 15950 levels.”

Gaurav Udani, CEO & Founder, ThincRedBlu securities –

“Nifty formed a bearish candle today. It traded sideways with Highs and Lows inside of Friday’s range and closed at 15821. 15880 is acting as a very strong resistance and 15580 is strong support. Fresh longs should be considered only on closing above 16000 levels and all longs should book profits if Nifty closes below 15580.”

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