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Domestic equity indices opened lower following weak global cues and fell for the second consecutive day in a row on pushing the benchmarks towards crucial support levels at close.

The Sensex closed below crucial psychological support at 52,000 while the Nifty50 closed with losses of over 100 points.

At close, the S&P BSE Sensex slipped over 400 points to end at 51,703 while the Nifty50 closed with losses of 104 points at 15,208.

PSU banking index rose 6% on reports of privatisation and some move in that space too

In the broader market space, the mid and small-cap stocks remained firm and outperformed the benchmark indices

Here is how experts believe the markets will trade tomorrow:-

Shrikant Chouhan, Executive VP, Equity Technical Research, Kotak Securities:

Although the market has broken a significant base at 15,240/51,850, it has not fallen further, which indicates to us that the market has opened a window of consolidation. We could see the market trade between 15330/52150 and 14,950/51,250 levels for one or two days.

Below 15,170/51,550 levels, Nifty could fall to 15,080/51,350 or 14,980/51,250 levels.

A decisive break of 15,330/51,330, would result in a sharp pullback to 15,450/52,500 levels.

The strategy should be to buy in deep panic around 15,000/51,200 levels with a stop loss at 14,900/50,900 levels. The metal stocks should be on the watch list.

Manish Shah, Founder, Niftytriggers.com, February 16, 2021

Nifty sees normal corrective decline; don’t write off bull trend as yet.

Nifty settled today in the negative zone with the prior period’s key reversal pattern which resulted in a minor decline. The reason we say it is a minor decline because such types of minor declines are a part of corrective declines in a bull market.

In a strong trend, two or three days of minor declines are normal. The decline in the last two days is not classified as extremely bearish as the range of the day was normal.

Momentum remains strong as of now as ADX continues to show trending action and RSI Remains above 70. On the lower time frame, the pattern of higher highs and higher lows remains intact.

Nifty needs to move above 15,331 for the price to resume its uptrend. Currently Nifty is at the support of 15250-15,220.

If Nifty breaks below 15,220 we may see a drop towards 15,100. Nifty needs to regain and move above 15,350 for rally to resume towards 15,550 and beyond.

Do not write off bull trend as yet as this could only be a minor correction.