Bulls attempted a comeback during the dying minutes of trade on Tuesday and pulled benchmark indices out of losses to close with marginal gains. S&P BSE Sensex added 16.17 points or 0.03% to end at 53,177 while the NSE Nifty 50 index gained 18.15 points or 0.11% to settle at 15,850. Mahindra & Mahindra was the top Sensex gainer, up 2.84% on the closing bell. Reliance Industries, Tata Steel, and Dr Reddy’s were other top gainers. Titan was the top laggard, down 3.39%, followed by Asian Paints, and Bajaj Finserv. Bank Nifty failed to end in green and was down 0.50% on the closing bell while India VIX was up 2% and still above 21 levels. Broader markets were mixed as Nifty Smallcap 100 closed in the red.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities –
Palak Kothari, Senior Technical Analyst, Choice Broking –
“On Technical Front, The Nifty has taken support from Supper Trend i.e 15700 level and managed to give closing above 38.2% Retracement Level on an hourly chart which suggest strength for an upcoming session. Nifty has given closing above 9*21 HMA which adds strength in prices. The Nifty may find support around 15600 levels while on the upside 16000 may act as an immediate hurdle crossing above the same can show upside rally. On the other hand, Bank nifty has support at 32600 levels while resistance at 34300 levels. Overall, Stock specific momentum has been observed, crossing above 16000 can show more upside rally.”
Rupak De, Senior Technical Analyst at LKP Securities–
“Nifty remained volatile during the day before closing with a green candle formation. On the lower end, 15650-15700 has remained support for the near term. The momentum indicator RSI is in bullish crossover and rising. The trend looks positive as long as it sustains above 15650. On the higher end, 15900-16000 may continue to act as resistance.”
Mohit Nigam, Head – PMS, Hem Securities –
“Immediate support and resistance for Nifty are 15,700 and 16,000 respectively. Immediate support and resistance for Bank Nifty are 33,250 and 34,250 respectively.”
Vinod Nair, Head of Research at Geojit Financial Services
“After a gap down opening, domestic indices were lifted by positive global peers while oil prices rose over renewed supply concerns. The weakened rupee and rising bond yield limited domestic investors’ risk appetite. Gains in commodity-linked stocks and optimism over easing Covid restrictions in China aided the global up-move.”
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