Benchmark indices NSE Nifty 50 and BSE Sensex ended the week’s first day’s trading session in the red. The Nifty 50 fell 72.65 points or 0.37% to close at 19,672.35 while the Sensex sank as much as 299.48 points or 0.45% to settle at 66,384.78. In sectoral indices, Nifty Bank fell 0.33%, Nifty FMCG slipped 1.72%, Nifty Media fell 0.10% Nifty Metal sank 0.73% and Nifty IT fell 0.09%, while Nifty Auto gained 0.17%, Nifty PSU Bank gained 0.10% and Nifty Pharma rose 0.41%.The top gainers on Nifty 50 were SBI Life Insurance, DR Reddy’s Laboratories, Mahindra & Mahindra and Ultratech Cement while the top losers were ITC, Kotak Mahindra Bank, Tech Mahindra, RIL and Britannia Industries.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty 50 expected to remain volatile; support at 19,300-19,500 zone
“Markets traded volatile in a narrow band and lost nearly half a percent, in continuation of Friday’s decline. After the flat start, the Nifty index oscillated in a range and finally settled around the day’s low to close at 19,672.35 levels. Most sectors traded in sync with the move and drifted lower wherein FMCG, metal and energy were among the top losers. Meanwhile, the broader indices showed resilience and ended almost flat to marginally higher,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
Bank Nifty support at 45,750-45,670, upside target at 46,500
“Bank Nifty closed in the red today. It witnessed selling pressure from around 46,200 levels and drifted lower. We believe that Bank Nifty is in the process of retracing the rise it has witnessed from 44,547 – 46,370. On the downside, it can slip towards 45,750 – 45,670 where support is in the form of the 38.2% Fibonacci retracement level and the 40-hour moving average is placed. Overall, the trend is still positive and once this consolidation is complete, we can expect the Bank Nifty to resume its uptrend. On the upside 46,500 is the expected target,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.