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Share Market LIVE: Sensex regains 58,000, Nifty resistance around 17600-17800, pullback may be short-lived – Financial Express

India VIX was up with gains.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices continued to trade in the firm grip of bears on Tuesday morning. S&P BSE Sensex was down more than 600 points on opening, giving up 58,000 levels while NSE Nifty 50 was threatening to give up 17,200 levels. Bank Nifty was down 1% while India VIX soared 8% higher. Broader markets mirrored the fall. Tata Steel was the top Sensex gainer, up 1.34%, followed by Asian Paints, Maruti Suzuki India, Nestle India, and ITC. ICICI Bank, Infosys, Bajaj Auto, and Tech Mahindra were the top laggards.

“We expect the intraday pullback in the index to be short-lived as forming lower high-low. Hence, use pullback towards 17460-17485 for creating short position for target of 17371.”

~ICICI Direct

Infosys was down 2.7% as the top Sensex drag, followed by ICICI Bank, Reliance Industries, Tech Mahindra, HCL Technologies, and Bajaj Auto.

Bears tightened grip on domestic markets on Tuesday morning as Sensex, Nifty opened deep in red. India VIX was above 18 levels. Bank Nifty was down 0.65% on opening bell.

Sensex gave up 58,000 mark during the pre-open session on Tuesday as bears continued to tighten their grip on Dalal Street.

Sensex was down over 400 points during the pre-open session, threatening to give up 58,000. 

Nifty was down 250 points during the pre-open session, giving up 17200 and closing in on 17100 levels. 

Sensex slips in pre-open session hovers around 58,200 levels. Nifty 50 was down in the red, nearing 17100 mark. 

“Monthly expiry, DXY towards 97 and FII selling could mean that Nifty could continue to drag lower. Next support zone for Nifty is seen at 17127-17200. Bottom fishers can keep an eye on 17055-16800 zone for accumulating favourite stocks,” said Rahul Sharma, Director & Head – Research, JM Financial.

Nifty finds support around 17150 while 17800 will act as resistance on the upside. Bank Nifty finds support around 36600 while 37800 will act as resistance. ~ IIFL Securities

“Nifty has extended the downturn as expected but the fact that it did not close at its low is some consolation. 17360 and then 17190 could be the supports for Nifty while 17613 could be a resistance in the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

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“Nifty is expected to open negative with a gap down of 110 points at 17300. Nifty has strong support in 17200-17250 range from where we can see a pull back to 17500 levels. Traders are suggested to use every pull back to exit long positions and not to initiate any new long positions till we see a bullish confirmation on Nifty,” said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Sensex and Nifty are in the firm grip of bears after having fallen nearly 3.8% each since the middle of November. SGX Nifty was hinting at a continuation of weakness today. Chartists too believe there is more weakness ahead and advise against long bets. “The overall chart pattern as per smaller and larger timeframe is weak and more weakness could be in store in the near term. Having declined sharply from the highs, the minor pullback rally from the lows can’t be ruled out in the short term, before showing another round of weakness in the market,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities. “Further lower levels to be watched at 17000-16800 in the next few weeks,” he added.

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The index crept lower and it even breached the recent swing low to form a ‘Lower Top Lower Bottom’ on the daily charts after many months. This of course does not bode well for the short term which led to this sharp sell-off yesterday. However, if we look at the weekly charts, it is observed that in this uptrend since June 2020, Nifty has always managed to find support around its 20 weeks EMA in corrective phases and has resumed the uptrend. This average is now placed around 17200 and it would be interesting to see whether the index repeats the history or not. As of now, considering this support range of 17200-17250, we advise covering shorts positions in this range and looking for further signals. On the higher side, 17550 followed by 17700 would now be seen as immediate resistances.

~ Ruchit Jain, Trading Strategist,

SGX Nifty was down 74 points on Tuesday morning, hinting at a weak start to the day’s trade. 

‘Overall market is likely to continue with its consolidation as valuations are rich while the global cues are keeping markets volatile – inflation concerns have dominated headlines and the Fed is starting the tapering programme soon. Investors would also be eyeing the Covid situation in Europe and its impact on the economic activities. Thus, in the near term, market may remain under pressure until fresh positive triggers appears and stock specific action is likely to continue. Markets will take direction from macro data that is expected to be released during the week. The U.S. and the euro zone will release manufacturing and service data on Tuesday. Further data from the U.S., including the Fed minutes from its latest meeting, GDP and initial jobless claims, will be released on Wednesday ahead of Thursday’s Thanksgiving holiday,’ said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

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