Bulls vs Bears: Here's what to expect on Dalal Street today and more
Sensex fell 390.58 points to end at 57,235.33 and Nifty closed 109.25 points lower at 17,014.35. Market breadth was negative with 1,246 stocks ending higher against 2,203 stocks falling on BSE.
- Oct 14, 2022,
- Updated Oct 14, 2022 8:06 AM IST
Market ended lower on Thursday following heavy selling in banking, finance, and capital goods stocks due to inflation and growth concerns. Sensex fell 390.58 points to end at 57,235.33 and Nifty closed 109.25 points lower at 17,014.35. Market breadth was negative with 1,246 stocks ending higher against 2,203 stocks falling on BSE. Around 113 shares were unchanged. The market cap of BSE-listed firms fell to Rs 269.85 lakh crore. Foreign institutional investors were net sellers on Wednesday as they offloaded shares worth Rs 542.36 crore, as per exchange data.
Here's a look at what analysts said about the direction the market is likely to take today:
Rupak De, Senior Technical Analyst, LKP Securities
"The index has found support at 200DMA for the third consecutive day. The daily RSI is in a bullish crossover. Over the short term, the index may remain within a band. On the lower end, 16,950 may act as support; whereas, 17,300 may act as resistance on the higher end."
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Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd “The Nifty is consistently taking support near the 200-day SMA (Simple Moving Average) or 16,950 while facing strong resistance at 17,150. A sharp correction wave is possible if the index trades below 16,950 and on the further decline, it could slip till 16,800-16,700.”
Also read: HCL Tech, Sun Pharma, Wipro and SBI among top gainers & losers as market ends lower
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"The underlying trend of Nifty remains choppy and the market is not showing any strength to sustain the highs. There is a possibility of one more dip down to 16,800-16,750 levels in the next few sessions before showing any meaningful upside bounce from the lows. Immediate resistance is placed at 17,150 levels."
Market ended lower on Thursday following heavy selling in banking, finance, and capital goods stocks due to inflation and growth concerns. Sensex fell 390.58 points to end at 57,235.33 and Nifty closed 109.25 points lower at 17,014.35. Market breadth was negative with 1,246 stocks ending higher against 2,203 stocks falling on BSE. Around 113 shares were unchanged. The market cap of BSE-listed firms fell to Rs 269.85 lakh crore. Foreign institutional investors were net sellers on Wednesday as they offloaded shares worth Rs 542.36 crore, as per exchange data.
Here's a look at what analysts said about the direction the market is likely to take today:
Rupak De, Senior Technical Analyst, LKP Securities
"The index has found support at 200DMA for the third consecutive day. The daily RSI is in a bullish crossover. Over the short term, the index may remain within a band. On the lower end, 16,950 may act as support; whereas, 17,300 may act as resistance on the higher end."
Also read: Bajaj Auto Q2 preview: Profit may rise 9-15% YoY; margin expansion likely to be muted
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd “The Nifty is consistently taking support near the 200-day SMA (Simple Moving Average) or 16,950 while facing strong resistance at 17,150. A sharp correction wave is possible if the index trades below 16,950 and on the further decline, it could slip till 16,800-16,700.”
Also read: HCL Tech, Sun Pharma, Wipro and SBI among top gainers & losers as market ends lower
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"The underlying trend of Nifty remains choppy and the market is not showing any strength to sustain the highs. There is a possibility of one more dip down to 16,800-16,750 levels in the next few sessions before showing any meaningful upside bounce from the lows. Immediate resistance is placed at 17,150 levels."