Benchmark stock indices Sensex and Nifty closed lower in highly volatile trade on Thursday due to selling in banking, auto and FMCG stocks amid a weak trend in global equity markets. Extending losses for a second day, the BSE Sensex ended down by 89 points at 57,595 while Nifty dipped 0.13% to settle at 17,222. In the broader market, the BSE midcap index gained 0.3%, while smallcap gauge went higher by 0.16%.
Asian markets are mixed on Friday whereas SGX Nifty indicates a flat-to-positive start for the Indian stock market today. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.
Index levels to watch
“On the domestic side, market is stuck in a range for last 5 days. Nifty is facing strong resistance near 17,300-17,400 levels while 17,000 is proving support for now. On the positive side, FIIs have turned net buyers, while strength in heavyweight counters in sectors like metals, Oil & gas, pharma are supporting the market. On the other hand, follow up buying is missing at higher levels along with global concerns are keeping the upside on check,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
“The broader uptrend status remains intact for Nifty and we observe positive sequence like higher tops and bottoms on the daily chart. The significant upside breakout of important resistance zone is intact around 16800-17000 levels. Any decline from here could find strong support at 17000-16900 levels and there is a possibility of market advancing towards the upper trajectory of 17400-17500 levels in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“After pausing for breath in last two days, SGX Nifty this morning is indicating a stirring rally, hopefully the bounce is neat and takes Nifty towards its biggest hurdles at 17500-17807 zone. The make-or-break for Nifty’s support is seen at the psychological 17000 mark and below the same, expect a waterfall of selling which could take the index down to 16691 with inter-week perspective. From a chartist standpoint, the technical landscape will improve considerably only if Nifty closes above its biggest hurdles at 17807 mark,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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