Equity market snapped its six-session rally to close marginally lower on Thursday amid profit booking in banking and energy stocks. Sensex ended 51.73 points lower at 58,298.80 and Nifty dipped 6.15 points to end at 17,382.
BSE Bankex was the top sectoral loser, falling 312 pts to 43,346. Sun Pharma, Nestle, Infosys, Dr Reddy's, Wipro and Mahindra & Mahindra were among the top Sensex gainers, rising up to 2.46 per cent. NTPC, State Bank of India, Axis Bank, Reliance Industries, Power Grid and Kotak Mahindra Bank were among the top losers, falling up to 3.10 per cent.
Here's a look at what analysts said about the direction the market is likely to take today.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
"The index has formed a bearish candle which indicates indecisiveness between the bulls and bears. The Nifty has support at 17,250 and below the same the index could slip till 17,150-17,100. On the flip side, a fresh breakout is possible only after 17450 and could move up to 17560-17600 levels."
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"The short-term uptrend status of Nifty remains intact and there is no indication of any sharp reversal pattern at the highs. The consolidation with high volatility is likely to continue for the next 1-2 sessions. Immediate support is placed at 17,200 and the strong resistance to be watched at 17,500 levels. A decisive move above the hurdle could pull Nifty towards the next upside trajectory of 17,800 levels."
Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
"The immediate support for Nifty is seen at 17,121 and below the same, expect the index to quickly slip towards 16,750-16,800 zone. Alternatively, if Nifty’s support at 17,121 holds, then expect the benchmark to shoot to the moon with targets at 17,557 and then at 18,100.”
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