![]() ![]() Renewed concerns over the US regional banking turmoil, uncertainty regarding the Fed's policy outcome, and the need to increase the US treasury debt borrowing limit triggered a bearish attack on Wall Street. The 6-day winning streak of the domestic market was disturbed by adverse headwinds from the US market. Vinod Nair, Head of Research at Geojit Financial Services On the other hand, a quick short term correction is possible if the index slips below 18050 and below the same, it could retest the level of 17950-17925. Above the same, the index could move up till 18200-18250. Technically, the Nifty has formed a small bearish candle and as long as the index is trading above 18050, the uptrend formation is likely to continue. Also, the rally has been continuous and fatigue was bound to happen and the trigger was the Fed meeting and the sharp fall in global crude oil prices, which reignited fears of a demand slowdown amid recession woes. Markets lost steam after eight sessions of gains as select profit-taking in banking, metals and IT stocks ahead of the US Fed's rate setting meeting fuelled caution amongst the investors. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities There is a possibility of further consolidation or minor weakness for the next 1-2 sessions before showing upside bounce from the higher lows. The short term trend of Nifty seems to have cooled off after a decent upside movement. Nagaraj Shetti, Technical Research Analyst, HDFC Securities Gainers included Nifty FMCG, Nifty Media and Nifty Realty. The biggest losers of the day were Nifty PSU Bank and Nifty IT that ended 1 percent lower each. Nifty 500, the broadest index, also closed 0.16 percent lower. Nifty Midcap 100 ended the day with gains of 0.25 percent while Nifty Smallcap 100 was down 0.07 percent. "We thus reiterate our view to focus on stock selection.” Some consolidation can’t be ruled out in the index but the tone is likely to remain positive as longa as the Nifty holds 17,850, he said. The weekly expiry would further add to the choppiness. “With all eyes on the US Fed, we will see the reaction in early trades on Thursday,” said Ajit Mishra, VP-Technical Research, Religare Broking. ![]() The broader market, though, performed better as several PSU stocks saw buying. IT, metal and energy were among the top losers. Most sectoral indices traded in tandem with the benchmark and ended lower. The 30-pack Sensex closed 161.41 points, or 0.26 percent, down at 61,193.30. The broader Nifty ended at 18,089, down 57.80 points, or 0.32 percent, from the previous day.Īfter the initial downtick, the indices hovered in a narrow band. ![]() Indian equity benchmarks snapped multi-day winning run - eight day for Sensex and six day for Nifty - and closed lower on May 3 ahead of the US Fed interest rate decision, which can have a bearing on FIIs' behaviour among other factors that influence market movement. ![]()
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