Dalal Street trimmed gains in the dying hour of trade on Friday but managed to close in the positive territory. S&P BSE Sensex added 59.1 points or 0.10% to settle at 58,833. NSE Nifty 50 fared a tad bit better, gaining 36 points or 0.21% to end at 17,558. Bank Nifty ended 0.09% higher at 38,987 while India VIX fell 6.9% to close at 18.22 levels. On a weekly basis, Sensex and Nifty were in the red, ending the gaining streak. NTPC was the top Sensex gainer, up 2.86%, followed by Titan, Kotak Mahindra Bank, and Power Grid. IndusInd Bank was the worst performing stock on Sensex, falling 1.66%. Bharti Airtel, HDFC, Asian Paints were the other laggards.
Deepak Jasani, Head of Retail Research, HDFC Securities –
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Rupak De, Senior Technical Analyst at LKP Securities–
“The benchmark index has remained volatile during the day. On the higher end, it failed to move beyond 17700. The downsides on the other hand were limited to 17500. On the daily chart, a small-bodied candle with shadows on either side has formed, suggesting indecisiveness. The trend is likely to remain sideways over the near term till Nifty remains in the range. Support on the lower end is visible at 17500/17400. On the higher end, resistance is visible at 17700.”
Vinod Nair, Head of Research at Geojit Financial Services–
“Investors’ lack of confidence and caution in anticipation of the Fed chair’s remarks led to a significant sell-off towards the close of the session. Western markets are trading with cuts as they await clues on further policy actions by the Fed to tame elevated inflation. This is expected to impact demand. On the sectoral front, metals and PSBs led the rally, while IT turned green after continued selling pressure.”
Mohit Ralhan, CEO at TIW Capital Group –
“Sensex has responded positively to a flurry of good news on both the global and domestic front. There was an expectation of an increase in private CAPEX in the second half of FY-23 which increasingly looks like to follow through. The growth in private project implementations has topped 9%. Also, RBI has been quite proactive in controlling inflation and a further deacceleration is expected. On the global front, the imminent risk of a USA-China conflict has subsided and both powers are also looking close to finalizing the audit deal for USA-listed Chinese companies. We are still cautious in the market, given the all-important Powell’s speech at the Jackson Hole today and the market will assess its impact to take further direction.”
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Choice Broking –
“On the technical front, the Nifty has taken support from the rising trendline on a daily time frame which suggests strength in the counter. Nifty has been trading with the support from 21-DMA as well as the supper trend which adds strength for an upcoming session. The momentum indicator stochastic was trading with a negative crossover on an Hourly time frame which suggests weakness in the counter. The support for nifty has shifted around 17470 levels while on the upside 17700 may act as an immediate hurdle.”
