Mumbai: The markets slipped sharply in the second half of the trading session on account of profit-taking following the recent sharp surge. The BSE benchmark index, the Sensex, had touched a high of 34,811 before noon, but thereafter the BSE index tumbled into red to a low of 33,881 – down 930 points from the day’s high. The Sensex finally ended with a loss of 414 points at 33,957.
Among the Sensex 30 stocks, ICICI Bank, Bharti Airtel and HDFC Bank were the major losers, down around 3 per cent each. Bajaj Finance, Kotak Mahindra Bank, Axis Bank, Titan and Reliance Industries were the other major losers, down over 2 per cent each. On the positive front, IndusInd Bank rallied nearly 3 per cent and was the top gainer. Sun Pharma and Mahindra & Mahindra were the other prominent gainers.
Today, for the second straight day the markets failed to sustain at higher levels, probably signaling buying exhaustion at higher levels. It seems like the markets may now enter a corrective phase following the recent sharp rally of almost 15 per cent gains on the benchmark indices. The overall trend is positive, hence one should look out for buying opportunities on dip towards key support level.
Also Read: Market Outlook: Market seems to be in buy on dip mode
As per the weekly Fibonacci chart, the BSE index may seek support around 33,670-33,290 range, below which the index is likely to find strong support around 33,050-32,850. The overall bias for the month will continue to remain positive as long as the Sensex sustains above 32,850-odd level.
As per the daily Fibonacci charts, on Wednesday, in case of an up move the BSE Sensex is likely to face resistance around 34,310-34,420-34,530, and in case of a down move, the BSE index may seek support around 33,600-33,490-33,380.
The NSE Nifty has retraced after testing its 100-DMA (Daily Moving Average) for the second straight day. The Nifty may now pause or consolidate a bit before making a fresh attempt to conquer the 100-DMA. As per the daily charts, near support for the NSE index exists around 9,950, below which the major support zone would be 9,600-9,825 range. As long as the Nifty sustains above 9,600 the trend is likely to remain positive.
Among the key momentum oscillators, the Slow Stochastic has given a negative divergence; hence we may see some downward pressure. The 14-day RSI (Relative Strength Index) and the MACD (Moving Average Convergence Divergence) are also showing signs of some consolidation. However, the DI (Directional Index) continues to remain in favour of the bulls.
Disclaimer: The article is for information purpose only and does not advocate any buy or sell /recommendation.
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