Sensex, Nifty end three-day gaining streak; here’s what experts make of today’s trade

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All Midcap and smallcap indices closed with losses, except Nifty Midcap 50, which was up 0.22%.
(Image: REUTERS)

Sensex and Nifty snapped their three-day gaining streak to end Tuesday’s trading session flat with a negative bias. S&P BSE Sensex slipped 17 points to end at 58,279 or 0.03% lower. Nifty 50 was down 15.7 points on closing bell settling at 17,362, down 0.09%. Bharti Airtel was up 2.79% as the top Sensex gainer, followed by HDFC, IndusInd Bank, and ITC. Tech Mahindra was the top drag, down 1.64%. This was followed by Sun Pharma, Axis Bank, and HCL Technologies. Bank Nifty ended the 0.34% lower at 36,468. All Midcap and smallcap indices closed with losses, except Nifty Midcap 50, which was up 0.22%. India VIX slipped 1.39% on Tuesday to end just below 15 levels.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities-

“The market seems to have shifted into a consolidation mode with range bound action. The present choppy movement with minor weakness could continue for the next 1 or 2 sessions before showing another round of upside bounce from the lows. Immediate support is placed at 17250 and the crucial overhead resistance to be watched around 17500 levels.”

Vinod Nair, Head of Research at Geojit Financial Services –

“The domestic market traded with high volatility as investors locked in gains from the recent rally & global factors. However, the broad market maintained its buoyancy in segments, which are bound to benefit from unlocking. European shares traded with cuts ahead of the European Central Bank’s policy meeting on Thursday, where talks regarding the tapering of asset purchase program are likely to take place in the backdrop of rising eurozone inflation.”

Sachin Gupta, AVP, Research, Choice Broking –

“Technically, the Index has been trading in Higher High & Higher Low formation, which suggests strength in the counter. On an Hourly Chart, the Index has been finding resistance from the upper band of Bollinger crossing above the same can show further upside movement. All the key indicators like RSI, MACD & Stochastic are supporting the positive trend in the index. At present, the psychological level of 17500 could be a resistance while on the downside, 17200 may act as support for the index.”

Ajit Mishra, VP – Research, Religare Broking –

“Nifty traded volatile in a range and settled marginally lower, taking a pause after the recent surge. Amongst sectors, IT and banking were laggards whereas telecom, FMCG, and consumer durables ended with gains. The broader markets also witnessed profit taking and ended lower. In absence of any major event, global cues would continue to dictate the trend. Indications are in the favour of some consolidation or profit taking thus we recommend maintaining extra caution in stocks selection. On the benchmark front, Nifty has immediate support around the 17,200-17,250 zone.”

Mohit Nigam,  Head – PMS, Hem Securities –

“The market is witnessing a continuous positive trend and it has sustained well above 17,300-350 levels and we believe this up move will extend till 17500 level in the short term. On the down side 17,100 is the immediate support in Nifty 50 followed by 16,900.”

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