Sensex, Nifty end in red for second-day straight; here’s what experts make of today’s trade

Volatility soared higher during the day but on closing had pared some gains.

For the second day straight, Sensex and Nifty closed down in the negative territory, following global peers as US-Bond yields soared. S&P BSE Sensex ended 440 points lower at 50,405, while the 50-stock NSE Nifty gave up the 15,000 levels. Banking stocks were dragging markets lower with HDFC Bank and ICICI Bank being the top index contributors. ONGC, Maruti Suzuki India, and Kotak Mahindra Bank were the top index gainers. Volatility soared higher during the day but on closing had pared some gains. Broader markets were worse than the benchmark indices.

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Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities-

“On a weekly basis, despite the market closed in the positive territory the market mood was sluggish.  A substantial jump in the long term treasury yields and upward activity in the dollar index towards 92, resulted in weakness across the globe. On a daily basis, the market has formed the long-legged Doji formation, which is an indication of indecisiveness. However, in the short term until the market is not breaking 15280 levels our bias should be on the downside. In the coming week, we could see, Nifty/Sensex touching minimum 14750/50000 or 14550/49300 levels.  On the higher side,  15150/51200 and 15280/51600 would be major hurdles.  The focus should be on FMCG and Auto companies.”

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

The markets have had yet another day in the red. However, it has not broken the medium-term support range of 14700-14800. If we break that, we could travel south to levels closer to 14400-14500. If we bounce from these levels, we would need to get past the 15300 levels to move to higher targets of 15500-15600. Until then the Nifty is going to be range-bound and choppy.”

S Ranganathan, Head of Research at LKP Securities

“Indices opened weak on the back of Jerome Powell remarks and rising oil prices. Profit booking in Metals & Financials kept markets in the red throughout the day. The key highlight was the huge response seen to the IPO of MTAR Technologies as investors rushed subscriptions on its last day today.”

Manish Shah, Founder, Niftytriggers

“It was a volatile week for Nifty as the rally seen in the first three days of the week was not sustained as we had a two-day decline. The pattern for the week is a candle with a long upper shadow but it seems that the bearishness in the previous two weeks was not sustained. Nifty needs to show a break above 15175 for the rally to continue. If Nifty breaks below 14850 expect a drop to 14650 and below that to 14550.”

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