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Mumbai: The markets exhibited high amount of volatility for the second straight day following yesterday’s steep fall. The BSE benchmark index, the Sensex, opened 125 points higher at 38,754 on the back of positive global cues but soon slipped into red to a low of 38,542.
The Sensex, thereafter, rebounded into the positive zone and surged to a high of 39,227 – up nearly 700 points from the day’s low on account of fresh buying in Bharti Airtel and select financial shares. The Sensex pared some of its gains towards the close and finally settled 273 points higher at 38,901.
Among the Sensex 30 stocks, Bharti Airtel soared over 6 per cent. Bajaj Finance, Asian Paints, Tata Steel, NTPC, SBI and Bajaj Finserv rallied 2-3 per cent each. Hindustan Unilever, Kotak Mahindra Bank, Titan and Nestle India were the other major gainers. On the flip side, ONGC dropped over 3 per cent. Axis Bank, Tech Mahindra, Infosys and ICICI Bank declined 1-2 per cent each.
Also Read: Market Outlook: Upside for the Nifty may be capped around 11,650-level for now
The markets could be nervous tomorrow, as financial shares may react to today’s development with regards to the loan moratorium period in the Supreme Court (SC). The government and the RBI on Tuesday told the Apex Court that the moratorium period amid the current Covid-19 pandemic can be extended up to 2 years. The SC is scheduled to hear pleas on interest charged on deferred installments on Wednesday.
The Sensex is likely to extend its southbound journey unless the BSE index firms up above 39,240 level. On the downside, the index can slide towards key monthly support levels, the nearest being around 37,950-37,450. In the interim, the Sensex may seek support around 38,830.
As per the daily Fibonacci charts, on Wednesday, in case of an up move the BSE Sensex is likely to face resistance around 39,160-39,240-39,320, and in case of a down move, the BSE index may seek support around 38,640-38,560-38,480.
The NSE Nifty for the second straight day took support at its 20-DMA (Daily Moving Average) and pulled back to end at 11,470 – up 0.7 per cent. The 20-DMA at 11,360-level is a crucial support for the NSE index in the near term, below which the Nifty can slide towards the 50-DMA at 11,000-mark.
Among the key momentum oscillators on the daily charts, the MACD (Moving Average Convergence Divergence) and the Slow Stochastic are again in favour of the bears. The DI (Directional Index) is marginally positive, while 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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