Sensex falls from fresh all-time highs to end in red; what should investors do on Wednesday?

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Domestic benchmark equity indices reached all-time highs on Tuesday but failed to hold on to gains and closed in the negative territory. The S&P BSE Sensex settled at 52,861.18, down 18.82 points or 0.04%, after hitting a fresh all-time high of 53,129. The NSE Nifty 50 index touched an intra-day high of 15,914 but ended nearly 100 points lower at 15,818.

Profit-booking in all but financial sector dragged frontlines indices in the negative territory. A fall in the monthly GST collection below Rs 1 lakh crore, for the first time in nine months, also weighed on investor sentiment.

In the broader markets, the BSE MidCap index settled 0.12% higher while the BSE SmallCap index closed 0.26% lower.

UltraTech Cement, HDFC Bank and Bajaj Finance were the top gainers on Sensex while Tech Mahindra, TCS, Maruti Suzuki India, and Reliance Industries were among the drags.

Among sectoral indices Nifty Bank, Nifty Media, Nifty Financial Services, and Nifty private bank index closed with gains. India VIX closed 1.77% higher.

Here’s how experts see markets trading on Wednesday 

Manish Hathiramani, Technical Analyst, Deen Dayal Investments

We failed to close above the 15900 level; the index went above this level but was swift to make a U turn and slide over a 100 points below the day’s high. 15900 is a stiff resistance and until we do not close above it, the markets are going to be sideways with a positive bias. The support for the Nifty is at 15,400 and therefore any drop can be utilized to accumulate long positions for higher targets.

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

Market witnessed some strong trend and an attempt to overcome the resistance level around the Nifty 50 Index level of 15900. While sustaining above 15900 is the key factor from a short-term perspective. Market suggests maintaining above this level is important to gain momentum and extend the rally until 16200 further strengthening a short-term bullish outlook.

Manish Shah, Founder, www.Niftytriggers.com