After having opened with gains on Thursday morning, Dalal Street was revisited by the bears, forcing the indices to close in the red. S&P BSE Sensex shed 98 points or 0.18% to settle at 53,416 while the NSE Nifty 50 index dropped 28 points or 0.18% to end the day at 15,938. Bank Nifty closed 0.51% lower and broader markets followed. Sun Pharma was the top gainer on Sensex, up 2.55%, followed by Dr Reddy’s, and Kotak Mahindra Bank. Axis Bank was the worst performing Sensex constituent, accompanied by HCL Tech and State Bank of India. India VIX was in the red on the closing bell, hanging just above 18 levels.
Devarsh Vakil – Deputy Head Retail Research, HDFC Securities –
Rupak De, Senior Technical Analyst at LKP Securities–
“The Nifty corrected towards the lower band of the rising channel before closing a bit off the day’s low. On the daily chart, the index has remained below the important moving average. The daily RSI is in a bearish crossover. On the lower end, the index may find support at 15850-15875. On the higher end resistance is visible at 16100.”
Om Mehra, Technical Associate, Choice Broking
“In the daily chart Nifty has ended with a bearish candle. However, from the volume profile, 16700 levels would act as strong support in the coming week. The Nifty may find support around 15700 levels while on the upside 16150 may act as an immediate hurdle. On the other hand, Bank nifty has support at 34000 while resistance is placed at 35000 levels. Any rise can be utilised as a selling opportunity while selective blue chip stock may deliver decent returns in coming days too.”
Mohit Nigam, Head – PMS, Hem Securities –
“Indian indices made a gap up opening today despite weak US inflation data. Nifty50 closed at 15938 and sensex closed at 53416. But, the euphoria soon faded away as benchmark indices slipped into negative terrain in late morning session. On the technical front, the key resistance level for Nifty 50 is, 15,800 and on the downside, 16,100 can act as strong support. The key support and resistance levels for Bank Nifty are 34,350 and 35,000 respectively.”
Vinod Nair, Head of Research at Geojit Financial Services
“Tracking weak cues in global markets, Indian indices gave away their initial gains amid concerns over higher-than-expected US inflation data. Investors are increasingly expecting the Fed to carry out a minimum 75bps rate hike this month in order to combat high inflation. On the domestic front, India’s WPI inflation moderated in June although it remains at the elevated levels, but is expected to ease further during the year.”
