Sensex, Nifty stage strong intra-day recovery to end flat; here’s what experts make of today’s trade

Dalal Street made an intra-day recovery after having opened deep in the red.
(Image: REUTERS)

Equity benchmark indices closed mixed on Monday. S&P BSE Sensex ended 63 points lower at 48,718 points while the 50-stock NSE Nifty index gained 3 points and closed at 14,634. Dalal Street made an intra-day recovery after having opened deep in the red. Bank stocks and index heavyweight Reliance Industries Ltd were the top laggards. Bharti Airtel, Hindustan Unilever, and Maruti Suzuki India were the top gainers. Broader markets outperformed benchmark indices and closed comfortably in the positive territory.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –

“The support of 14400 was well respected. We took a sharp U-turn from that level to revisit the resistance of 14700. If we can get past this level and stay above it, we still have reasons to target 15100. If we break 14400, we could slip further to 14100.”

Manish Shah, Founder, Niftytriggers –

“Nifty has been playing down in a range between 15050 on the higher side to around 14250 on the lower side. The pattern of this range is a right-angled descending triangle. Bollinger bandwidth shows extreme contraction of volatility. The flip side is we do not know when will the breakout actually take place and the direction it will take. Whenever Nifty breaks above 15050-15000 expect to see an express move towards 15400+ in the days to come. Major support in Nifty is at 14250. Declines should be bought with this at the alarm exit point.”

Vinod Nair, Head of Research at Geojit Financial Services –

“The domestic market bounced back from its early losses to trade flat owing to global cues and strong buying seen in FMCG and metal stocks. Financial stocks were the top laggards due to weak results of mid-sized banks & NBFCs while buying interest was seen in small-cap stocks. India’s Manufacturing PMI data in April was flat at 55.5 with a mild change from March’s data of 55.4% mainly due to pick up in international demand for Indian goods.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“Index opened a day with a strong gap down but managed to recover all day loses in the second half and closed a day at 14634 with minimal loss & formed a bullish candle on daily chart. The overall structure still looks cautious until trading below 14800 zones, on the higher side index, has stiff hurdle at 14720-14800 zone profit booking is suggested around said levels fresh breakout will be only above 14800 zone and good supports are placed at 14550-14500 zone.”

Mohit Nigam, Head, PMS, Hem Securities –

“Indian indices gave a gap down opening primarily due to election results declared yesterday; however, markets recovered all the day’s losses and ended on a flat note. Sensex closed down 0.13% and Nifty ended up 0.02% on a highly volatile day. Markets managed to hold psychologically important 14,500 levels on Nifty 50. Metals, FMCG and a few pharma stocks showed some buying interest in the market with the metal index up by 2% after a stellar rally last month & FMCG index up notched up by 1%, selling was seen in Banking and Energy stocks today. Titan, IndusInd Bank, Reliance and Axis Bank were top losers on the Nifty. It continues to be a buy on dips market. 14500 & 14200 are immediate supports for Nifty in the short term.