Dalal Street ends red on weekly R&D expiration session, smart support in 15600-15650 range

Bears created chaos on Dalal Street at the weekly expiration session, forcing the benchmark indices lower for the fifth session in a row. The S&P BSE Sensex fell 1,158 points or 2.14% to 52,930 while the NSE Nifty 50 index fell 359 points or 2.22% to reach 15,808. HCL Technologies was the only Sensex stock to close with 0.08% gains. IndusInd Bank performed worst with a decline of 5.7%, followed by Tata Steel, Bajaj Finance and Bajaj Finserv. Bank Nifty fell 3.35% and the Nifty PSU Bank index fell by more than 5%. India VIX was 6.45% on the closing clock of 24.27.

Rupak De, Senior Technical Analyst at LKP Securities–

“Nifty continues its downward journey as the benchmark index is closed sharply in the minus for the day. However, Nifty has reached close to the previous low swing on the daily chart. Bounce may hit the market if Nifty manages to stay above the previous swing low at 15671. Failure to maintain above 15650 may trigger a further correction on the reverse. “

Sumeet Bagadia, CEO, Choice Broking –

“Technically, The Nifty has formed a bearish light on a daily chart. The next immediate support remains at 15650 followed by 15500 levels. While resistance is located at 16050. Price ticking below the large moving average would be a concern for bulls “Indicators such as RSI and MACD are oversold zones. Therefore, purchases would be expected after holding 16150 levels. On the other hand, Bank has nifty support at 32500 levels followed by 32000 while resistance is placed at 34600 levels.”

Mohit Nigam, CEO – PMS, Hem Securities –

“Fall in global equities after US inflation data hinted at more aggressive tightening by the Federal Reserve to tackle a slowdown in economies worldwide due to bulging traders’ sentiments. On the global front, all Asian and European markets traded lower after US consumer price inflation data “released overnight did little to ease investors’ concerns about the outlook for inflation and interest rates. Immediate support and resistance for Nifty are 15,600 and 16,000, respectively. Immediate support and resistance for Bank Nifty are 33,500 and 34,500, respectively.”

S Ranganathan, Head of Research at LKP Securities –

“Benchmark indices withered 2.5% in afternoon trading amid weak global signals as investors posted gains that were unable to fix the puzzle of oil, war, currency, inflation and interest rates. High CPI expectations for April combined with margin pressure seen in fourth-quarter earnings further accentuating the selling pressure in equities, which was evident in the number of equities hitting the annual lowest levels today as Sensex broke 53K, with all sector indices ending deep in the red. “pushing the dollar index to twenty-year highs, it seems that investors are now putting their hopes for a solution to the conflict at the earliest.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Yesterday’s release of higher-than-expected US CPI data suggests that inflationary pressures will continue in the short term. “The Fed surprised the market with a hawkish stance that limited liquidity, limiting further setbacks in the future. We can expect the market to stabilize as FIIs can reduce sales of factoring inflation and Fed policy.”