Benchmark indices ended Monday’s volatile session deep in the red, ending a strong two-day winning run amid volatility. BSE Sensex fell 571.44 points or 0.99% at 57292.49 and Nifty 50 fell 69.40 points or 0.98% at 17117.60.
Bears made a comeback on Dalal Street Monday as investors worldwide became cautious over the Russia-Ukraine war updates. Benchmark indices closed out the volatile session deep in the red, ending a strong two-day winning run amid volatility. BSE Sensex fell 571.44 points or 0.99% at 57292.49 and Nifty 50 fell 69.40 points or 0.98% at 17117.60. Auto, banking, real estate and energy indices fell 1% each, while buying in metals stocks. Losses in financial, IT and oil and gas stocks pushed major indices down. ICICI Bank, TCS, Kotak Mahindra Bank, HDFC and Hindustan Unilever were the biggest barriers to both indices.
Palak Kothari, Research Associate, Choice Broking
“Technically, Nifty has formed a bearish candle, indicating weakness in the counter ahead of the next trading session. On an hourly chart, the index traded in rising wedges and gained support from the lower band of formation, indicating continued upward movement could rise above the same. In addition, the benchmark index closed below 21-DMA, adding weakness to the price. Momentum indicator Stochastic is trading with a negative crossover indicating southward travel in the counter. At the moment, the index has support at 17000 levels while resistance comes in at 17380 levels while crossing it may show 17450-17500 levels. On the downside, Bank has nifty support at 35600 levels while resistance is at 36800 levels.
Mohit Nigam, Head – PMS, Hem Securities
“We may see positive momentum in the IT sector in the near term following strong revenue growth and an upward revision of Accenture’s revenue expectations. Some margin pressure due to wage inflation and high turnover is also seen in Indian IT companies. Technically, instant support and resistance in Nifty 50 are 17000 and 17500 respectively. Bank Nifty instant support and resistance are 35500 and 36500 respectively.”
Ajit Mishra, VP – Research, Religare Broking Ltd
“Markets started the week on a muted note, losing nearly one percent, following mixed global signals. After the flat start, the benchmark gradually declined as the day progressed, moving closer to the low for the day. Most sector indices ended in the red with power, banking and auto the biggest losers Broader indices traded mixed and closed on a flat note Markets are dancing to global tunes and we don’t see this changing anytime soon Overall we reiterate our positive bias until Nifty maintains the 16,800 zone, but the key is to identify the sectors/stocks that show resilience and add it to dips.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Monday’s profit posting does not appear to have hurt the market’s recent uptrend. There is a possibility of upward jump in Nifty from close to the crucial lower support of 17,000 levels in the next 1-2 sessions.
This post Sensex, Nifty end lower amid volatility, handy bank support at 35600 was original published at “https://www.financialexpress.com/market/sensex-nifty-end-deep-in-red-support-at-17000-resistance-at-17500-how-to-trade-share-market-on-22-march-tuesday/2466819/”