Today the Sensex-Nifty was seen losing the gains of the previous trading session and closed in the red mark. IT stocks created the biggest pressure on the market today. Let us tell you that along with the results of Tata Consultancy Services, the fourth quarter results will start from this evening. However, in today’s trade, the market got some support due to buying in oil-gas, power and realty stocks.
At the end of trading, the Sensex closed at 58,964.57, down 482.61 points, or 0.81 per cent. On the other hand, Nifty closed at 17,674.95, down 109.40 points or 0.62 per cent.
Vinod Nair of Geojit Financial Services It says that the market is looking cautious before the ECB meeting, the release of US inflation data and the start of the fourth quarter results in the country. Indian IT stocks were under pressure today on expectations of weak fourth quarter results. The market is looking cautious in this holiday week.
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How could the market move tomorrow?
Shrikant Chauhan of Kotak Securities Says that the weakness of Asian markets showed its effect on Indian markets today. Investors were seen exiting the risk counter today. Ahead of the TCS results, investors were seen lightening their positions in the technology stock. The market fears that the slowdown guideline for the next quarter could lead to further selling in these stocks. After negative opening, Nifty was seen circling in the range of 17,650 -17,780 today. From technical point of view Nifty formed a small in side body bearish candle today on Daily chart which shows directionality in the market.
Important support is seen for Nifty at 17,600. As long as Nifty remains above this level. Till then there is a possibility of going further towards 17,850-17,900. On the other hand, if the Nifty slips below 17,600, then the level of 17,500-17,430 can be seen in the market.
Sharekhan’s Gaurav Ratnaparkhi Lets say that after the fall last week, Nifty took support near the lower end of the reverse rising channel and it formed a bullish outside bar on the daily chart on 18th April. On April 11, Nifty made an inside bar on the daily chart and continued consolidation near the lower channel line. Now important support for Nifty at 17600 and resistance at 17842 is visible. Overall, Nifty can be seen moving in the range of 17,500-18,000 in the short term. Any downside within this range towards 17,600-17,500 would be a good buying opportunity for the short term. In the short term, resistance is visible for Nifty at 18,000-18,100.
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