The market lost a percent for the second consecutive week amid mixed data. The Sensex lost 843.86 points, or 1.35 percent, to end at 61,337.81 and the Nifty50 was down 227.6 points or 1.23 percent, at 18,269 for the week ended December 16. levels. The two indices have lost nearly 3 percent each in December, so far.
Ajit Mishra, VP-Technical Research, Religare Broking | In the absence of a major event, cues from the global indices, especially the US, would be on participants’ radar. Apart from feeble global cues, continued profit-taking in the banking index may result in further decline and the Nifty could test 18,000-18,100 soon. On the higher side, 18,500-18,750 would act as hurdles. Since all sectors are largely trading in tandem with the benchmark, participants should plan their exits in profitable trades and stay selective for fresh positions.
Amol Athawale, Deputy Vice President -Technical Research, Kotak Securities | The Nifty not only broke the important support of 18,400 but also closed below it. The next support would be the 50- day simple moving average (SMA) at 18,100-18,000. On the flip side, 18,400 can act as an immediate resistance zone for the index, above which the Nifty can retest the 20-day SMA or 18,550. In case of a further upside, the index can move to 18,700.
Apurva Sheth, Head of Market Perspectives, Samco Securities | The Nifty formed a bearish dark cloud cover candle stick at all-time high levels on the weekly chart and continued to drift lower after that. The volatility index India VIX bounced more than 20 percent during the week, indicating uncertainty at higher levels. On the technical ground, the support for Nifty is placed near 18,100 and any move below it will extend the fall to 17,900 levels. Similarly, on the higher side, 18,500 will be the immediate resistance and followed by 18,650.
Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services | Markets seem to have taken a pause after making new highs, with the Nifty down 3 percent. Markets are likely to remain in the consolidative range due to the lack of triggers in the near term. Lower participation from institutional investors due to upcoming year-end holidays will also keep markets dull, though investors will keep an eye on US home sales and GDP (QoQ) numbers during the week. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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