Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:
For the last two days, our markets have been moving against the global markets trend. Bank Nifty failed to rejoice the bullish momentum seen in world markets. Nifty also failed to sustain at higher levels and closed below the level of 8900. The Nifty has formed bearish continuation formation. Traders need to be careful below the level of 8850 as the index may fall to 8700 or 8500 in the near term.
May 19, 2020 / 04:32 PM IST
Ajit Mishra, VP - Research, Religare Broking:
Markets were dealing with the stress of rapid rise in COVID-19 cases and extension of lockdown and the disappointment from the economic package has worsened the situation. The fear of further deterioration in asset quality of banks and NBFCs has triggered a sharp fall in the banking and financials of late and we do not see this easing out anytime soon.
Global positives have also failed to cheer the participants in recent instances. Traders have no option but to align their positions according to the market trend while keeping a check on leveraged positions.
May 19, 2020 / 04:15 PM IST
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:
Nifty faced resistance near the 20 hour moving average as well as near a falling trendline. The daily chart shows that the Nifty had formed a bearish Belt Hold candle on Monday and today it formed an Inside bar. The breakout level for the inside bar on the downside is at 8806. From trading perspective, a fresh short position can be initiated once the swing low of 8806 breaks. Short term target on the downside will be 8400. On the other hand, 9000-9050 will continue to act as a key hurdle zone.
May 19, 2020 / 04:03 PM IST
Vinod Nair, Head of Research at Geojit Financial Services:
Markets around the world rallied on the back of a positive vaccine trial in the US, because of which Indian markets also witnessed a positive opening. Although trial of the vaccine seemed to give positive results, the development of this is still in the very initial stage and is some time away from approvals and production.
Meanwhile in India, confirmed infections crossed the One lakh mark, with no signs of slowing down. Additionally, with the stimulus measures seen to be inadequate to boost demand in the short term, investors need to be cautious in this market, as the uncertainties still persist.
May 19, 2020 / 03:57 PM IST
Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking:
Today’s rise could be a temporary phenomenon for the rupee, especially since global and domestic equities have reacted positively to the potential virus vaccine, while a weak dollar index has further aided. However, rupee’s risk of depreciation still remains, as domestic concerns surrounding the virus will take the forefront.
Cases in India have risen exponentially, and fiscal deficit concerns surrounding the stimulus package will weigh on the appetite going forward. Still, 76.60 remains a key cushion level for the rupee for the rest of this month.
May 19, 2020 / 03:45 PM IST
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The markets were unable to sustain at higher levels. The level to watch out for would be 8850 on the spot Nifty where a fresh impetus of selling can be initiated and this can drag the markets down to 8650.
Market close: Indian indices ended higher and broke the 3 days losing streak, while Nifty failed to hold above 8900 level.
At close, the Sensex was up 167.19 points or 0.56% at 30196.17, and the Nifty was up 55.85 points or 0.63% at 8879.10. About 1012 shares have advanced, 1253 shares declined, and 164 shares are unchanged.
Bharti Airtel, Adani Ports, ONGC, Bharti Infratel and UltraTech Cement were among major gainers on the Nifty, while losers were UPL, Vedanta, IndusInd Bank, Reliance Industries and L&T.
On NSE, except bank other indices ended higher. BSE Midcap index rose 0.5 percent, while BSE Smallcap index was down 0.2 percent.
May 19, 2020 / 03:25 PM IST
CRISIL reaffirms rating of PNB Gilts: CRISIL has reaffirmed the credit rating of CRISIL Al + as assigned to Rs 500 crore commercial paper programme of the company.
May 19, 2020 / 03:19 PM IST
Nifty PSU Bank index shed 2.5 percent dragged by the Bank of Baroda, PNB, UCO Bank and Union Bank of India: