Nifty, Sensex end flat in red; volatility likely to persist, add quality stocks on dips, say analysts
时间:2024-06-17 00:15:23 阅读(143)
Domestic benchmark indices pared opening gains to end in red amid high volatility. The 30-pack BSE Sensex index settled 49 points lower at 59,197, while NSE Nifty ended flat at 17,656. Sectorally, the Nifty Private Bank and FMCG indices fell 0.5% each, while buying was seen in oil & gas, power and metal stocks. In the broader market, the BSE MidCap and SmallCap indices ended marginally higher. India VIX closed at 19.53 down by 0.66%. According to analysts, volatility is likely to persist in equity markets in coming sessions. As long as Nifty holds 17550, it could retest the17750-17850 levels, they said adding that investors may add quality stocks on dips.
Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
Also Read: Indian economy may grow at 6.4% in FY23, slowdown looms; easing energy shock may mitigate downside
Rupak De, Senior Technical Analyst, LKP Securities
Nifty failed to capitalize on early gains as profit-taking took place around 17,750. On the lower end, 17,600 acted as support for the index. The trend remains sideways as Nifty failed to provide any directional breakout. Resistance seen at 17,770; whereas, support is visible at 17,580/17,468.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
“As US markets were closed on Monday, local markets mostly witnessed a range-bound trend after see-sawing in early trades. Profit taking in banking & FMCG stocks saw indices finally end with marginal losses. Technically, the Nifty opened firm but once again witnessed profit booking near its important resistance level of 17750. Currently, the index is consolidating near the 20-day SMA (Simple Moving Average) and taking support near 17550. As long as the index is holding the 17550 level, it could retest the level of 17750-17850. On the flip side, a fresh round of selling is possible after the dismissal of 17550 and on further decline, it could slip till 17500-17400.”
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty, though having closed almost flat, formed higher top higher bottom formation compared to the previous session. It formed a high wave doji candle suggesting indecision after a rise. US markets are slated to open today post a holiday on Monday and could influence the opening of our markets on Wednesday. Nifty could remain in the 17540-17777 band for the near term.”
Also Read: India CPI inflation may firm up to 6.75-6.9% in August despite input pressure easing; here’s what may hurt
Palak Kothari, Senior Technical Analyst, Choice broking
“Nifty has taken support from 21-HMA as well as the middle band of Bollinger in an hourly chart which suggests strength to the upside. The support for nifty has shifted around 17450 levels while on the upside 17770 may act as an immediate hurdle. On the other hand, Bank nifty has support at 39000 levels while resistance at 40200 levels. Overall, the sector-specific movement has been observed majorly Metal & Energy stocks are looking bullish for an upcoming session. The investor can add on dips.”
(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)
猜你喜欢
- Nifty Next 50 beats other large, mid, small caps in May, Nifty 50 lags broad markets; some global indices soar
- Programmed into every job- The future of work will be about humans and machines working in tandem
- Quarterly earnings, macroeconomic data, global trends to drive markets this week- Analysts
- Nifty support at 15,600 and 15,450, Bank Nifty gearing up for major move; Glenmark Pharma, Tata Power in focus
- Nifty support at 14600-14800 as it falls below 15700, Bank Nifty to see hurdle at 33800; Buy Reliance, Infosys
- Bond yields seen inching up on profit taking; October inflation data key
- Nifty to fall under 18200 or bulls to grip D-St- Check 9 things to know before share market opens
- Nifty to cross 18,300 or bears to grip D-St- Check 9 things to know before share market opens
- Bears look poised to regain control of Sensex, Nifty; 5 things to know before opening bell