Benchmark indices pared gains and ended Thursday’s session in the red. The NSE Nifty 50 fell 51.8 points or 0.28% to 18,129.95 and BSE Sensex dipped 128 points or 0.21% to 61,431.74. In sectoral indices, Bank Nifty rose 53.6 points or 0.12% to 43,752.3, Nifty Auto fell 0.88%, Nifty FMCG tanked 1.10%, Nifty Pharma plunged 1.27%, Nifty PSU Bank tumbled dropped 1.90%, Nifty Oil & Gas decreased 1.10% and Nifty Realty tumbled 2.37%. The top gainers on Nifty 50 were Bajaj Finance, Bharti Airtel, Kotak Bank, ICICI Bank and HCL Technologies while the losers were Divis Lab, Adani Ports, ITC, SBIN and Power Grid.
“Markets traded volatile on the weekly expiry day and ended marginally lower. It is healthy consolidation so far however volatility across sectors is keeping traders on their toes. We feel it’s prudent to stay light and utilize this phase to gradually accumulate quality stocks from top-performing sectors viz. banking, financials, FMCG and auto,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
Bank Nifty support placed at 43700, 43500 and 43000
“Bank Nifty is seen to be trading with a sideways to negative trend from the last three days and closed flat but the undertone remains bullish as long as it holds the levels of 43500 as put writers are fiercely active on 43500 and 43000 and call writers are active on 43800 and 44000. Technical indicator RSI is at around 64 and is showing strength by sustaining above 50 levels. Support placed at 43700, 43500 and 43000 while resistance at 43850, 44000 and 44200,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.