Indian equity indices ended lower in the volatile session on April 26 and snapped a five-day gaining streak with Nifty falling below 22,400.
At close, the Sensex was down 609.28 points or 0.82 percent at 73,730.16, and the Nifty was down 150.30 points or 0.67 percent at 22,420.
For the week, BSE Sensex rose 0.9 percent and Nifty50 added 1.2 percent.
Despite mixed global cues, the market started on a positive note but erased all the gains in the initial hours and traded in the negative zone for the rest of the day to close near the day's high.
Top losers on the Nifty were Bajaj Finance, Bajaj Finserv, Nestle India, IndusInd Bank, M&M, while gainers were Tech Mahindra, Divis Labs, LTIMindtree, Bajaj Auto, and BPCL.
Among sectors, except auto, bank, and capital goods, all other indices ended in the green, with oil & gas, healthcare, realty, and media up 0.3-1 percent.
The BSE midcap index is up 0.8 percent and the smallcap index is up 0.3 percent.
Among individual stocks, a volume spike of more than 100 percent was seen in L&T Technology Services, Aditya Birla fashion and SAIL.
A long build-up was seen in Tech Mahindra, GMR Airports Infrastructure, Container Corporation of India, while a short build-up was seen in L&T Technology Services, Bajaj Finance and Bajaj Finserv.
More than 250 stocks touched their 52-week high on the BSE, including, Aegis Logistics, BHEL, Biocon, CG Power, Chambal Ferterlisers, Colgate Palmolive, Container Corporation, Deepak Nitrite, Dixon Technologies, Eicher Motors, Havells India, Hindalco Industries, HUDCO, JSW Steel, Kirloskar Oil, MM Forgings, Samvardhana Motherson International, Motilal Oswal, Muthoot Finance, NMDC, Puravankara, SAIL, SBI, Tata Steel, Vedanta, among others. Click to view full list
Outlook for April 29
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty witnessed selling pressure throughout the day. On the daily charts we can observe that the Nifty has faced selling pressure from the resistance zone of 22560 – 22625. Until this zone is not taken out decisively, we can expect the consolidation to continue.
On the downside, crucial support is now placed at 22240 – 22200 where support parameters in the form of the 40-day moving average and the 50% Fibonacci retracement level of the rise from 21777 – 22626 is placed.
As far as the Bank Nifty is concerned the recovery from the previous day’s lows was short-lived and lacked follow-up buying interest. The divergence on the momentum indicator also did not support the upmove. This could lead to some consolidation in the near term. On the downside, 47500 is the crucial level to watch out for.
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty remained under selling pressure throughout the session as the index failed to sustain above the crucial level of 22500. On the daily chart, a dark cloud cover pattern is observed, indicating a potential bearish reversal.
Immediate support is situated at 22300, below which the Nifty could extend its losses towards 22000.
On the other hand, the level of 22500 might act as a technical resistance for the Nifty.
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