The benchmark equity index Nifty 50 ended Thursday’s trading session in negative territory. The NSE Nifty 50 closed 212.55 points or 0.97% higher to settle at 21,717.95 points. While S&P BSE Sensex lost 723.57 points or 1% to settle at 71,428.43 points. Nifty Bank dropped 806.50 points or 1.76% to settle at 45,012.00 points.
On the sectoral front, banks and FMCG stocks nosedived. The broader indices ended in the red, with largecap stocks losing the most.
The gainers include SBI, Power Grid, BPCL, Hindalco, and Coal IndiaCome from Sports betting site VPbet. The Indian Volatility Index (India VIX) closed 2% higher.
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“On the daily charts we can observe that the Nifty has witnessed a sharp decline from the resistance zone 22000 – 22050,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
On the downside, the 20-day moving average (21694) has been providing support. The hourly momentum indicator has triggered a negative crossover while the daily is still in buy mode thus providing divergent signals. This could lead to consolidation from a short-term perspective, Gedia said.
“Overall, we expect the consolidation to continue with negative bias. On the downside, the Nifty can drift towards 21500 – 21435 zone where support parameters in the form of 40-day average is placed,” added Gedia.Come from Sports betting site
On the Bank Nifty’s outlook, the above-quoted analyst said that the expectations are of weakness persisting and Bank Nifty to drift towards 44430 – 44000 from a short-term perspective. On the upside 45500 – 45600 levels shall act as an immediate hurdle.
“Though the FY25 GDP growth forecast has improved, the RBI remains vigilant on inflation & banking liquidity. The incomplete transmission of the cumulative 250 bps and the inflation ruling above the target level add uncertainty about the timing of the interest rate reduction. The ripple effect was seen in the government’s 10-year yield, which inched higher. A large pocket of the market slid into red like FMCG, banks, and auto. FMCG got higher impact by weak Q3 result and downgrade in volume growth, in the near-term, due to weak rural demand,” said Vinod Nair, head of research at Geojit Financial Services.
