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After The Bell: Sensex fails to hold on to 50k, what should investors do on Friday?

The index has to continue to hold above 14,800 zones to witness an up move towards 15,000 and 15,150, while on the downside, support exists at 14,700 and 14,600, say experts.

April 29, 2021 / 05:13 PM IST

Indian market closed in the green for the fourth consecutive day on April 29 but remained volatile throughout the session.

The S&P BSE Sensex slipped more than 600 points from the day's high to close below the crucial psychological level of 50,000. Profit-booking was seen in the Nifty50 on the April expiry day as well.

The Sensex closed 32 points higher at 49,765, while the Nifty gainded 30 points to end the day at 14,895.

Sectorally, buying was seen in metals, energy, oil & gas, and healthcare stocks, while profit booking was seen in auto, telecom, consumer discretionary and capital goods.

On the broader market front, the S&P BSE midcap index was down 0.18 percent and the BSE smallcap index closed with marginal gains of 0.13 percent.

Close

"The domestic market was torn between negatives and positives in a volatile trade owing to the monthly F&O expiry,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“The Fed in its meeting sealed economic confidence by keeping its monetary policy loose and reaffirming aggressive support through bond buying. Metal stocks continue to outshine other sectors on strong outlook,” he said.

Here is what experts suggest investors should do on April 30

Chandan Taparia, Vice President | Analyst-Derivatives, Motilal Oswal Financial Services Limited

The Nifty has been forming higher highs- higher lows from the last five trading sessions but formed a Bearish candle on a daily scale.

Now, it has to continue to hold above 14,800 to witness an upmove towards 15,000 and 15,150 zones, while on the downside, support exists at 14,700 and 14600 zones.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The index has taken a bit of a breather after crossing 15,000. It also saw  bout of profit booking as it was the month-end expiry.

The markets seem to be bullish and the Nifty has wings to move up closer to 15,100-15,200. Dips can be used to buy this market.

Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited.

The Nifty witnessed some strong trends and an attempt to overcome the resistance level of 15,000.

While sustaining above 14,800 is the key factor from a short-term perspective, our research suggests if the market sustains above the level, it can move towards 15,200.

The momentum indicators like RSI, MACD stayed positive, further strengthening the view of a short-term bullish outlook.

Rohit Singre, Senior Technical Analyst, LKP Securities

The index again opened the day with a good gap but profit booking from higher-end led the index to close with minimal gains at 14,895 and formed a bearish candle on the daily chart after five consecutive green candles.

The index retraced from its strong hurdle zone of 15,000 and witnessed profit booking from the same levels. If it fails to sustain above the 15,000 mark, some profit booking can be seen in the coming sessions towards the immediate support zone of 14,800-14,750.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Kshitij Anand is the Editor Markets at Moneycontrol.

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