S&P BSE Sensex closed 709 points or 1.26% lower at 55,776, while the NSE Nifty 50 index plunged 208 points or 1.23% to close out the day at 16,663.

Domestic markets broke their gains streak on Tuesday as bears revisited Dalal Street. S&P BSE Sensex closed 709 points or 1.26% lower at 55,776, while the NSE Nifty 50 index plunged 208 points or 1.23% to close out the day at 16,663. Bank Nifty was just above 35,000, while India VIX rose 4% to cross 26 levels again. Mahindra & Mahindra was the biggest winner on Sensex, up 2.23%, followed by Maruti Suzuki India and Nestle India. Tata Steel was the worst performing stock on Sensex, along with Tech Mahindra and Kotak Mahindra Bank.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities –

“Tuesday’s sharp reversal near the critical resistance zone of 16800-17000 presents opportunities for further downward correction in the market in the near term. The general chart pattern points to a chance of higher bottoming around 16400-16250 levels in the next few sessions, before showing another round of upward movement.

Rupak De, Senior Technical Analyst at LKP Securities –

“Nifty formed a dark cloud on the daily chart as it found resistance around 200DMA on the daily chart. At the bottom, it found support at the top band of the falling channel. Going forward, the index may remain in the green as long as 16640 is firmly held. At the top, resistance is visible at 16900-17000.”

Mohit Nigam, Head – PMS, Hem Securities –

“Technically, the key resistance levels for Nifty50 are 17,000 and on the downside 16,600 will act as strong support. For Bank Nifty, the main resistance level is 35,700 and on the other side, 34,000 will act as a strong support.

Sachin Gupta, AVP, Research, Freedom of Choice –

“Technically, the stock has formed a Bearish Engulfing Candlestick pattern on the daily chart and fell below the Middle Bollinger Band formation, suggesting further downward movement. In addition, the index on the daily chart has also shifted below the 21-Days EMA. However, an indicator MACD shows position crossover. Right now, the index has support at 16400 levels while resistance is hitting 16930 levels. On the downside, Bank has nifty support at 34000 levels while resistance is at 35700 levels.

Vinod Nair, head of research at Geojit Financial Services –

“The global stock market lost momentum as new financial and trade sanctions were imposed on Russia, along with the suspension of gas imports. It is a setback for market sentiment, which improved in anticipation of a ceasefire. The Indian market outperformed thanks to the easing of commodity prices. Global markets are also lower ahead of the US Fed meeting, when the market widely expects the FOMC to initiate a rate hike.”

This post Sensex takes winning streak, Nifty can witness further correction, index should be above 16640 . to stay was original published at “https://www.financialexpress.com/market/sensex-snaps-winning-streak-nifty-way-witness-further-correction-index-needs-to-hold-above-16640/2461733/”


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