Closing Bell | Sensex down 384 pts, Nifty ends below 22300; PowerGrid, Indusind

20240502053114 Market up

May 07, 2024 / 04:02 PM IST

Sensex Today | Hrishikesh Yedve, analyst at Asit C. Mehta Investment Interrmediates

Domestic benchmark indices opened higher on Tuesday, aided by favorable global clues. However, after some initial jitters, the market saw massive profit booking, with the Volatility Index (India VIX) jumping by about 6%. Later in the day, volatility decreased, and the index closed down at 22,302. Technically, the index created a bearish engulfing candle last week, indicating weakness. The index settled below, the low of the bearish engulfing candle, and the 34-Day Exponential Moving Average (DEMA) support, suggesting further pessimism. On the downside, the index will find solid support at 22,100-22,000 levels. On the upside, the index will continue to face stiff resistance at 22,800. Overall, we expect the index to consolidate in the 22,000-22,800 range in the short term. In the immediate term, 22,100 and 22,000 will serve as solid support levels, while 22,500 and 22,800 will operate as obstacles to the index.

The Bank Nifty opened on a bullish note, but due to heavy selling pressure, the index concluded on a negative note at 48,285. Technically, on a weekly basis, the index formed a shooting star candlestick formation near its all-time high, indicating strong resistance near 49,975. Furthermore, the index broke the previous week’s low of 48,342.7. As long as the index remains below 48,340, weakness could extend to 48000-47,700. In the short term, 48,000 and 47,700 will serve as support points, while 49,000 and 50,000 will operate as resistance,

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