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Mumbai: The markets exhibited yet another volatile session albeit in a narrow trading band, as the tug of war between the bulls and the bears intensified with key benchmark indices testing near term support levels. Eventually, it was the bulls that had the last laugh as select index heavyweights held fort.
The BSE benchmark index, the Sensex, started the day on a quiet note at 39,893. The BSE index, thereafter, gyrated between zones and touched a low of 38,736 on the back of selling pressure in banking shares. The index, however, staged a smart pull-back in late noon deals on the back of renewed buying interest in key index heavyweights. The Sensex finally ended with a gain of 185 points at 39,086.
Among the Sensex 30 stocks, Mahindra & Mahindra zoomed nearly 6 per cent. PowerGrid Corporation jumped over 3 per cent. Tata Steel, IndusInd Bank, Reliance Industries, HCL Technologies, ONGC, Infosys, Tech Mahindra and TCS advanced 1-2 per cent each. On the flip side, Bajaj Auto slipped nearly 3 per cent. Asian Paints, Sun Pharma, HDFC, Nestle India, Hindustan Unilever, SBI and NTPC declined 1-2 per cent each.
Also Read: Market Outlook: Support at 20-DMA is crucial for Nifty in the near term
With the BSE index moving within the previous day’s trading range, there isn’t much change in the outlook. The overall bias for the week continues to remain negative as long as the BSE index remains below 39,240-level. The range between 39,240-37,470 can be a no trade zone. However, sustained trade above 39,470 can be favourable for the bulls.
As per the daily Fibonacci charts, on Thursday, in case of an up move the BSE Sensex is likely to face resistance around 39,240-39,290-39,340, and in case of a down move, the BSE index may seek support around 38,930-38,880-38,840.
The NSE Nifty moved in a narrow band of 120-odd points. The NSE index rose from a low of 11,430, to a high of 11,555 and finally settled 65 points higher at 11,535. The Nifty after seeking support around its 20-DMA (Daily Moving Average) has been moving within the 20-DMA at 11,380 and the higher-end of the Bollinger Band at 11,640 for the last two trading sessions.
Going ahead, last week’s close of 11,650-level seems to be the crucial hurdle. The short-term bias is likely to remain negative as long as the NSE index trades below 11,650-level. On the downside, break of the 20-DMA can trigger a slide towards the 50-DMA or the lower-end of the Bollinger Band indicating a target in the range of 11,130-11,050.
Among the key momentum oscillators on the daily charts, the MACD (Moving Average Convergence Divergence) and the Slow Stochastic continue to remain in favour of the bears. The DI (Directional Index) is still marginally positive and the 14-day RSI (Relative Strength Index) is in the neutral zone.
Disclaimer: The views expressed in this article are personal and for information purpose only, it does not advocate any buy or sell /recommendation.
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