08 Apr , 2022 By : Kanchan Joshi
Indian shares fell for a third straight session on Thursday, tracking heavy losses in index-heavyweights, amid a selloff in global equity markets. The BSE Sensex slumped 575 points to settle at 59,034 while Nifty 50 also declined 0.9% to close at 17,639 on Thursday.
Asian markets mostly declined on Friday whereas SGX Nifty indicates a flat start for the Indian stock market today. Meanwhile, investors also await cues from the Reserve Bank of India (RBI) policy meeting outcome, which will be announced on Friday, April 8, 2022.
"While the declines are being bought into, follow up is missing at higher levels suggesting some fatigue creeping in. Overall, equity markets have shown strong resilience even though it faces headwinds from uncertain global environment and persistent inflation readings prompting a potential rate increase. Also, India VIX is down near 18 zones which is comforting bulls and needs to sustain at lower levels for market stability," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
"Nifty has fallen from the rising channel on the daily chart which suggests a waning bullishness. The daily RSI is in a bearish crossover. The trend looks negative for the near term. On the lower end, support is visible at 17450 whereas resistance is seen at 17750-17800," said Rupak De - Senior Technical Analyst at LKP Securities.
"The short term trend of Nifty continues to be negative. Presently, the daily 10 day EMA is offering support 17600 levels and the crucial support is placed around 17450-17500 levels as per the concept of change in polarity. Friday's outcome of RBI's mid quarter policy meet is expected to show fresh direction for the market. However, we expect Nifty to witness upside bounce from the lows of around 17550-17450 levels in the next couple of sessions," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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