Technical analysts believe that investors should now wait and watch while avoiding hasty trading decisions. (Photo: Reuters)

Sensex and Nifty had a choppy trading session on Tuesday, ending in the red after touching all-time highs earlier in the day. The S&P BSE Sensex finished 50 points, or 0.08%, down at 61,716, while the NSE Nifty 50 ended the day at 18,418. The broader markets underperformed the benchmarks. Nifty Bank touched 40,000 but closed lower at 39,540. Nifty Realty closed down 4.76% and Nifty PSU Bank fell 3.74%. Nifty IT closed with a gain. Technical analysts believe that investors should now wait and watch while avoiding hasty trading decisions.

Manish Hethiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“Nifty failed to close above 18600, instead there was a sharp drop from today’s high. Support is at 18200 and unless we break that on a closing basis, the overall trend continues to remain positive. The current scenario will be summarized as a wait and watch case thus Hasty trading decisions should be avoided.”

Sachin Gupta, Associate Vice President, Research, Choice Brokerage –

Technically speaking, the elegant indicator formed a long bearish candle at the top of the trend, indicating further reversal in the counter. However, the indicator took immediate support at the upper Bollinger Bands pattern on the daily chart. While on the hourly chart, stochastic has also tested the oversold area. At the moment, the indicator has immediate support at the 18200 level while the resistance comes in at the 18600 levels.

Rohit Singri, Senior Technical Analyst at LKP Securities –

We have seen profit taking in today’s session since the beginning of the day. The index managed to close the day at 18419 with a loss of half a cent and formed a bearish candle on the daily chart after forming a doji candle yesterday. Moving forward 18480-18530 will be a strong hurdle on the upside not to break above mentioned resistance. We may not see a bullish move or we may see a further pullback in the index towards the immediate support area 18350-18250.

Gaurav Udani, CEO and Founder, ThincRedBlu Securities –

On the daily charts, Nifty has made a bearish pattern and the charts indicate that the correction in Nifty may continue for the next few trading sessions. Nifty has support at 18350 and 18225 levels. Nifty will face resistance in the 18480 to 18530 range. Traders are suggesting to take profits and keep tight stop losses in the current markets.”

Vinod Nair, Head of Research at Geojit Financial Services –

“The Indian market was showing strong resilience but the extended rally made some gains by the end of the trading day. Our advice is to convert the Personal Equity Portfolios into a balanced basket with heavy weight for equities and defensive sectors. The Indian market is expected to get more stocks and specific sectors as market benchmarks are extended. Extremely. While moving into defenses, although the near-term trend can be lackluster, one can give appropriate weight to sectors such as manufacturing, energy, tourism, chemicals, renewable energy and products in the longer term.”

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