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Jan 08, 2020 03:36 PM IST | Source:

Closing Bell: Indices recover as Nifty ends above 12K, Sensex down 52 pts

Among sectors, except FMCG and IT other indices ended lower led by the auto, metal, pharma and infra.

  • January 08, 2020 06:00 PM IST

  • January 08, 2020 05:23 PM IST

    Rupee Closing

    The Indian rupee closed at 71.69 a dollar, higher by 14 paise compared to Tuesday's close of 71.83 a dollar.

  • January 08, 2020 04:51 PM IST

    Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:

    Technically, the market has completed its corrective move at 11,930, and below 11,930 levels, Nifty could gradually fall to 11,850/11,800 levels. On the higher side, 12,100 and 12,200 would be key hurdles. The strategy should be to buy on dips.

  • January 08, 2020 04:45 PM IST

    Nagaraj Shetti, Technical Research Analyst, HDFC Securities:

    The Nifty slipped into weakness in today's opening trade on the backdrop of Geo-Political tension in Middle-East, but was able show sustainable upside recovery and closed near the upper end of the day.

    A long positive candle was formed today after opening lower. Technically, this pattern indicates a volatile movement in the market and the underlying trend status of Nifty is still negative. Recently, an attempt of upside bounce was not successful so far and the Nifty is expected to face sell on rise.

    The overall chart pattern of Nifty is volatile with weak bias. The current upside recovery is unlikely to sustain for long and the Nifty is expected to show further weakness from the highs. The near term downside targets to be watched at 11,800 levels.

  • January 08, 2020 04:36 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    We do not see this volatility to fade away anytime soon and in fact, the prevailing earnings season would further add to the erratic swings ahead. We thus advise focusing more on stock selection and risk management aspects. Also, keeping a close eye on global developments for cues.

  • January 08, 2020 04:30 PM IST

    Vinod Nair, Head of Research, Geojit Financial Services:

    Market is sensing some ease in tension with the view that there will be no effect on equities in the long-term. For the short term, market will adapt a careful tactic given limited room to grow due to premium valuation and slowdown in economy. As soon as the situation settles, the market will shift its focus on Q3 results and budget.

  • January 08, 2020 04:19 PM IST

    Rohit Singre, Senior Technical Research Analyst at LKP Securities:

    Market is overall strong but due to the US-Iran strikes, the crude oil prices have started to escalate that led to crash in global bourses. Once, the US-Iran tension eases, markets will be again on the rally.

  • January 08, 2020 04:04 PM IST

    Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:

    On account of the bearish sentiments, induced by the global cues, the Nifty opened with a significant gap on the downside. However, there was no follow through selling post the gap down opening. On the contrary, the bulls rushed in to buy the dip as the index approached the daily lower Bollinger Band. Thus the index recovered to some extent & managed to scale above 12,000 mark once again. On the downside, 11,900 – 11,850 is likely to act as a cushion for the market with major support at the December low of 11,832. The downside looks limited as long as the bulls manage to hold on to the support. On the flip side, 12,100-12,150 is a key resistance zone, which will keep the bounces in check for the near term.

  • January 08, 2020 03:58 PM IST

    Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities:

    Nifty is in a corrective phase after the rally seen in the last few months. Overall trend remains positive with downside support seen at 11,700 levels. We suggest investors to use this correction for selective accumulation while traders can consider building up long positions gradually. We expect this correction to continue for another week post which the 12,400-12,500 levels could be conquered. Banking and metals continue to remain preferred sectors. Selective participation in the midcap space is expected.

  • January 08, 2020 03:44 PM IST

    Manav Chopra, CMT, Head Research - Equity, Indiabulls Ventures:

    Bulls attempt a pullback from the lows of the trading session however, markets are in a fragile state and recoveries are likely to be temporary. Market breadth was on the negative side. Support zone of 11,800 is likely to get tested on the downside as the near term trend is weak. Expect pullbacks to be short lived and traders should have a sell on rise approach for the Nifty. 12,100 zone is likely to act as stiff resistance.

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