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Mumbai: The markets today traded with a positive bias for a major part of the trading day, but eventually ended in red owing to a late sell-off. The markets have been nervous off late owing to weak global cues and the ongoing India-China conflict.
The BSE benchmark index, the Sensex, opened 70-odd points higher at 38,498 and after the initial volatility the index firmed up and rallied to a high of 38,746. However, the late sell-off saw the BSE index erase gains and slide to a low of 38,275 – down 471 points from the day’s high. The Sensex finally ended with a marginal loss of 52 points at 38,365.
Among the Sensex 30 stocks, Tata Steel tumbled over 4 per cent. Bharti Airtel, Axis Bank, ONGC, Sun Pharma, NTPC and SBI declined 2-3 per cent each. Larsen & Toubro, Nestle, IndusInd Bank, Kotak Mahindra Bank, Asian Paints and Hindustan Unilever were the other prominent losers. On the positive front, HCL Technologies, Infosys, Reliance and TCS gained 1-2 per cent each.
Also Read: Market Outlook: Bias likely to remain negative as long as the Nifty remains 20-DMA
With today’s high at 38,746, the BSE index seems to have given a minor buy signal on the weekly Fibonacci chart. However, for that to be confirmed the BSE index needs to sustain above its recent low and near term support range of 38,060-37,950. In case, the BSE index finds support in the above mentioned range, then possibly the Sensex may revisit today’s high during the week.
As per the daily Fibonacci charts, on Wednesday, in case of an up move the BSE Sensex may face resistance around 38,550-38,600-38,650, and in case of a down move, the BSE index is likely to seek support around 38,190-38,130-38,070.
The NSE Nifty for the third straight day faced resistance around its 20-DMA (Daily Moving Average) on its way back up. Going forward the 20-DMA continues to remain a crucial near term hurdle, above which the Nifty can potentially rally up to 11,650.
In case of an extended downfall, the NSE index may seek support around its 50-DMA and the lower-end of the Bollinger Band in the range of 11,140-11,170. One thing going in favour of the NSE index is that one of its key momentum oscillators, the Slow Stochastic, is nearing oversold territory. Hence, some pull back can be expected.
Among the key momentum oscillators on the daily charts, the Slow Stochastic remains negative but is now nearing oversold territory. The MACD (Moving Average Convergence Divergence) and the DI (Directional Index) also continue to remain negative. The 14-day RSI (Relative Strength Index) remains 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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