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Sensex, Nifty tank on weekly expiry session; here’s what experts make of today’s trade

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Stock market, nse niftyS&P BSE Sensex ended 485 factors or 0.92% decrease at 52,568, whereas the 50-stock NSE Nifty ended at 15,727, down 0.96%.
(Picture: REUTERS)

Home fairness markets ended the weekly expiry session within the pink as bears pressured Dalal Avenue decrease through the last hours of commerce. S&P BSE Sensex ended 485 factors or 0.92% decrease at 52,568, whereas the 50-stock NSE Nifty ended at 15,727, down 0.96%. Index heavyweights resembling Reliance Industries, ICICI Bank, and HDFC Bank contributed to the losses and closed within the pink. Tech Mahindra, up 1.44%, was the highest gainer on Sensex, adopted by Bajaj Auto, Energy Grid, HCL Technologies, and IndusInd Bank. Broader markets adopted the benchmark and closed within the pink. Nifty Bank ended 1.39% within the pink. Solely the Nifty IT index ended within the inexperienced. Volatility rose 11% greater through the day. 

Shrikant Chouhan, Government Vice President, Fairness Technical Analysis, Kotak Securities

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“In the present day’s after weak opening market witnessed constant promoting stress at greater ranges. Within the second half of the day, the Nifty broke the essential assist stage of 15780 and submit breakdown the promoting stress was elevated which is broadly unfavorable for the Nifty. Amongst sectors,  revenue reserving was seen within the metallic and PSU banks shares.  Technically, on intraday charts, the Nifty has shaped a decrease prime formation which signifies additional weak point from the present stage. For the subsequent few buying and selling periods, 15780 ought to act as an essential resistance stage for the merchants, beneath the identical correction wave more likely to proceed as much as 15635-15600. On the opposite aspect,, the instant hurdle could be 15780 buying and selling above the identical. We are able to count on a continuation of the uptrend as much as  15830-15860 ranges.”

Nagaraj Shetti, Technical Analysis  Analyst, HDFC Securities –

“The uncertainty of bulls on the essential hurdle of 15900 continued, because the market tumbled down sharply from close to the hurdle. Though Nifty positioned on the minor assist of 15700-15640 ranges, a pointy follow-through weak point might open decline in direction of 15450 within the close to time period. Any pullback rally from right here might initially discover resistance at 15800 ranges.”

Vinod Nair, Head of Analysis at Geojit Financial Services

“Pessimistic international cues dented the morale of Dalal Avenue with promoting stress seen throughout the sectors amid excessive volatility. World markets had been deep within the pink, shadowing a weak point within the Asian markets following the widening Chinese language tech crackdown and considerations over the nation’s financial restoration. As we kickstart Q1FY22 outcomes season, preliminary releases of the IT sector and a very good variety of profitable IPOs can be in focus for the approaching weeks.”

Arijit Malakar, Head of Analysis (Retail) Ashika Inventory Broking –

“Markets closed unfavorable on Thursday amid combined international cues and warning forward of TCS’ earnings outcomes, with the corporate anticipated to report margin contraction due to greater wage prices. Development worries once more began to hang-out the market after Fitch Rankings minimize India’s GDP progress forecast for FY22 to 10% from 12.8% estimated earlier, citing localized lockdowns through the second wave of COVID-19. Some macro worries resembling Chinese language regulatory clampdown on tech shares, rising Covid-19 virus circumstances, and fear about international central banks stance on financial coverage might change the sentiment of fairness markets, globally. Baring IT index all the main indices closed in unfavorable. At shut, Nifty ended 151.8 factors decrease at 15,727.90, Sensex fell over 485.82 factors at 52,568.9.”

Ajit Mishra, VP – Analysis, Religare Broking –

“Markets traded beneath stress and misplaced almost a per cent, pressurised by weak international cues. After the flat begin, the benchmark step by step drifted decrease and settled nearer to the day’s low to shut at 15,728 ranges on the weekly expiry day. We advise preserving a verify on bare leveraged positions and anticipate readability. Traders, however, shouldn’t learn a lot into the intermediate correction and proceed with the “purchase on dips” method in essentially sound counters with a long run view.”

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