Sensex, Nifty end in red; here’s what experts make of today’s trading session

Falling, on three out of four trading sessions this week, Sensex and Nifty closed the week down 2% each.
(Image: REUTERS)

Sensex and Nifty ended the week’s last trading session in the red. S&P BSE Sensex closed S&P BSE Sensex closed 202 points lower at 47,878 while the Nifty 50 ended at 14,341. Falling, on three out of four trading sessions this week, Sensex and Nifty closed the week down 2% each. On Friday, NTPC, Power Grid, and IndusInd Bank were the top index gainers. Mahindra & Mahindra, Dr Reddy’s, and ICICI Bank were among the top laggards. Bank Nifty ended in the red while the Nifty PSU Bank index closed with gains. 

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities –

“The short term trend of Nifty remains dicey. The inability to show any meaningful upside bounce or failing to sustain the highs post upside bounce could be a cause of concern and this may not be a good sign for bulls. Normally, this action could eventually result in a decisive downside breakout of the support/range in the near term. Any upmove from here is expected to find strong resistance around 14450-14500 levels by next week. A sharp decline below 14200-14150 is likely to open the next lows of 13600 in a quick period of time.”

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

“The Nifty closed way above the 14200 which is a positive sign for the markets. If we break this level, the markets can slide down to 13800-13900. The upside is capped at 14550-14600 and any rally up will be used to short the markets.”

Vinod Nair, Head of Research at Geojit Financial Services – 

“Following weakness in the US market, domestic market continued to be under the grip of bears. Reports of a possible increase in capital gains tax in the US took a toll on the global equities. Increasing covid cases & lockdown also fueled a downward trend in the domestic market. All major sectors were in negative territory while Pharma and mid & small-caps outperformed the broad market.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“Index again closed a week on a negative note at 14333 with loss of nearly two per cent on weekly basis and formed a Doji candle for third consecutive week hinting uncertainty in the markets. The index has created a good base near 14250-14200 zone holding above said levels structure will be positive any close below said levels can drag index to much lower levels and on the higher side stiff hurdle is 14450-14500 zone fresh strength above 14500 zone.”

Manish Shah, Founder, Niftytriggers –

“Nifty closed the week marginally lower and the pattern for the week is a spinning top having a very small real body and long shadows. The pattern showcases lack of directional interest among the market participants. It is one of the narrowest week in last several weeks. Immediate resistance in Nifty is at 14525-14550 a break above this and expect an upmove towards 14700-14775. On the lower end support is at 14190-14180. A break below this and there should be a decline to 13900-13850.”