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Updated on: Friday, September 17, 2021, 04:27 PM IST

Sensex slips in late selling, but ends above 59k after rallying nearly 600 points intra-day

Metals, realty, power stocks dragged the markets |

Metals, realty, power stocks dragged the markets |

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The benchmark indices finished lower after a spectacular start at the opening bell in the morning (September 17). Sensex closed 125 points, or 0.21 percent, lower at 59,015.89. The broader Nifty finished at 17,585.15, down 44 points, or 0.25 percent. Metal, realty, power stocks dragged the markets.

BSE Midcap index fell 1.14 percent and the smallcap index closed with a loss of 1.06 percent.

"Nifty made a fresh all time high of 17,792 today , from there it saw some profit booking. Nifty closed at 17,600 down by 30 points. 17,760-17800 will act as a resistance zone for Nifty. Nifty has support in 17,425-17,460 range. Traders can use buy on dips strategy with strict stop-loss for 17,750 – 17,780 as targets for the next few trading sessions" , said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Sachin Gupta, AVP, Research, Choice Broking, said, On the sectoral front, Nifty Metal & PSU Bank were the laggards, dragged by more than 2 percent each in a day while the rest of the indices closed on a mixed note. In the private banking sector, Kotak Bank was the top performer with 5.6 percent gains.

"Technically, the Nifty index has formed a bearish candle at the top of the trend and is reserved from the resistance of Upper Bollinger band formation, which indicates some profit booking for the upcoming session. However, the bullish trend is still intact as the nifty50 index is holding gains above 17,250 levels. Although, we can expect some fight between bulls and bears along with the volatility, every dip would be a buying opportunity. At present, the nifty may find the resistance around 17,800 levels while on the downside, 17,400 may act as support for the index," Gupta added.

Deepak Jasani, Head-Retail Research, HDFC Securities said, "World shares steadied on Friday above three-week lows set in the previous session though they were heading for a weekly loss on China jitters and global growth concerns. Asian stocks recovered from the early morning weakness. Nifty closed the week higher for the fourth consecutive week closing 1.24 percent up. Advance decline ratio fell sharply to much below 1:1. This combined with huge volumes hints at some sort of distribution setting in the market; however a positive weekly close still does not allow us to take a very negative view. 17,510 and 17,378 are the two supports for the Nifty."

Mohit Nigam, Head - PMS, Hem Securities, said, "Volatile market as indicated by India VIX that jumped by 5.69 percent led to benchmark indices ending the day’s session on a negative note coupled with strong selling pressure witnessed in PSU banking stocks. In the 50-share pack Nifty, Kotak Mahindra Bank was the biggest gainer, up 5.30 per cent. Investors shall ideally remain cautious in this volatility and shift towards defensive counters."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "Technically, Nifty maintained uptrend continuation formation which is broadly positive but due to temporary overbought situation, bulls may prefer to take caution stance near 17,800 resistance level. For Nifty, 17,700 would be the immediate resistance level traders will have to look at and below the same, correction wave is likely to continue up to 17,450-17,350 levels. If the index trades above 17,700, the uptrend texture will continue up to 17,800-17,950 levels. Meanwhile, the Bank Nifty has formed a strong bullish formation and the structure suggests further upside if it succeeds to trade above 37.000."

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Published on: Friday, September 17, 2021, 04:09 PM IST
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