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If Nifty breaks and holds below the support at 14,450, there could be a decline towards 13,900-14,000. Guess it is time to tuck in profits and be in a watchful mode
Investors’ wealth eroded by Rs 3.27 lakh crore on March 24 as markets witnessed massive selling pressure amid rising coronavirus cases in the country. The market capitalisation of BSE-listed companies tumbled Rs 3,27,967 crore to reach Rs 2,02,48,094 crore at the close of trade.
The BSE Sensex slipped 871.13 points or 1.74% closing at 49,180.31, while the 50-stocks index Nifty slipped 265.35 points or 1.79% at 14,549.40.
The global market sentiment was also weak amid worries over the economic impact due to rising coronavirus cases with parts of Germany, France and Italy being hit by the third wave of infections and regional lockdowns.
In the broader markets, the S&P BSE MidCap and SmallCap indices ended 1.6% and 1.4% lower, respectively.
In terms of sectoral trends, all the key indices, barring pharma, ended the day in the red. The Nifty PSU Bank, Metal, and Realty indices slipped up to 3%, while the Nifty Private Bank, Financial Services, Auto, and Bank indices were down 2%. The Nifty Pharma index, meanwhile, was up 0.08%
Only two constituents—Power Grid and Asian Paints—managed to settle the day in the green, while all other counters fell like ninepins. M&M bled the most, down over 4% on the Sensex, followed by SBI, ICICI Bank, Axis Bank, IndusInd Bank, L&T, ITC, NTPC, and ONGC.
Manish Shah, Founder, Niftytrigers.com
Nifty traded sharply lower for the week as the anticipated end of expiry bounce failed to materialize. Nifty failed to respond to bullish candlestick patterns as buyers chose to stay away and there was no sufficient follow-through to buying at support levels.
MACD line dipped below zero for the first time since October. Momentum precedes price. A new low in momentum is a leading indicator that there is trouble in paradise for the bulls. Nifty traded below 50-day period moving average and this time it is accompanied by a long red candle. The trendline moving up from September 2020 is now getting breached. If Nifty breaks below 14,550 it means a break below a double top.
Clues point out that the range between 15,430-14,550 seems to be a distribution pattern. If Nifty breaks and holds below the support at 14,450, there could be a decline towards 13,900-14,000. Guess it is time to tuck in profits and be in a watchful mode. On a longer-term basis, Nifty needs to move above the 15,350 if there are hopes of a sustained rally.
Shrikant Chouhan, EVP, Equity Technical Research at Kotak Securities
The Nifty/Sensex closed lower at 14,549/49,180. Tomorrow ahead of the March 2021 F&O expiry the market is likely to be in turmoil phase and the Nifty/Sensex may fall to 14,350/48,580 to 14,250/48,300 levels. The focus should be on Pharmaceuticals and Technology companies. On the higher side, 14,650/49,600 and 14,700/49,800 would be major hurdles.