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Benchmark indices snapped a three day gaining streak by ending lower on the last day of the trading week ragged by losses in metals, private banks and auto stocks.

At close, the Sensex was down 154.89 points or 0.31% at 49,591.32, and the Nifty was down 38.9 points or 0.26% at 14,834.90 on April 9.

About 1,647 shares have advanced, 1,212 shares declined, and 163 shares are unchanged. ICICI Bank & HDFC Bank contribute nearly 80% to Nifty Bank fall.

Although, Midcap and smallcap indices ended higher, outperforming the benchmarks. Gains were seen in pharma, PSU Banks, IT and FMCG stocks.

For the week, the Sensex and Nifty slipped 1% and 0.2%, respectively; Nifty Bank fell over 4% and the Nifty Bank recorded the biggest weekly fall in the last eight months.

Nifty Metal turned out to be the biggest gaining index this week and was up over 6%. In fact, the index has been gaining for three straight weeks and cumulatively has added over 16%.

Cipla, Sun Pharma, HUL, Tech Mahindra and Wipro were among major gainers on the Nifty, while losers were Bajaj Finance, UPL, Tata Steel, UltraTech Cement and NTPC.

Here’s how experts see markets trading over the next week.

Sumeet Bagadia, Executive Director, Choice Broking.

The session was volatile after the positive opening and the benchmark Nifty index traded both-ways and closed at 14,838.35 levels with a loss of 35 points. Sectoral indices like Nifty IT, FMCG & Pharma performed well during the day and settled at green notes. Stocks like Cipla, Sun Pharma, HUL were the top gainer while Bajaj Finance, UPL, NTPC were the prime laggards.

Technically, the benchmark index has failed to sustain above 14950 levels acting as an immediate resistance zone. Moreover, in the prior session, the index also formed the Doji Candlestick pattern, which indicates indecisiveness for the near term. However, an oscillator Stochastic has been showing positive crossover on the daily chart. At the moment, the Nifty index has immediate support at 14600 levels, while on the higher side it may find resistance around 14950 levels.

Manish Shah, Founder, Niftytriggers.com

Nifty closed the week flat. The pattern playing out in the index is a pin bar or a bullish dragon Fly Doji. The pattern has to be confirmed by a green candle. This type of candle has hit the rising 20 days on the weekly. Also, a major trending that has been tested several times also offers support to the falling Nifty and for the last four weeks, the index has not really declined despite a massive upsurge in covid cases across the country. The setup on the weekly is bullish and we have to be prepared for a rally.

Support on the weekly at 14500 holds. What we need is a push above 14900-15000 for Nifty to move higher.
The last five days of trading were lacklustre but Nifty has closed above the 20 period average on the daily and has held above that for two days in a row.

The contraction in volatility cannot remain at compacted levels for a long time. What we need is a strong close in Nifty above 14950-15000 for the rally to continue. A break above 15000 should propel Nifty higher to 15300 and above in the days to come.