After a volatile trading session, domestic indices NSE Nifty 50 and BSE Sensex pared intraday losses to end mild in green. Nifty gained 0.07% or 13 points to close at 17,662 while Sensex gained 0.08% or 49 points to settle at 59,550. Despite the benchmarks’ flat close, the broader markets soared in trade today. Nifty Next Fifty ended over 1% higher, while Nifty Midcap 100 and Nifty Smallcap 100 gained 1.63% and 2.91% respectively. Bank Nifty surged 0.66%, or 267 points, at close.

Markets Decoded: Adani saga prolonged the correction

“Key indices eked out modest gains in an extremely volatile trading session, as investors resorted to profit-taking ahead of the Union Budget announcement. Also, the US Federal Reserve meeting on interest rate decision overnight tomorrow prompted investors to take selective bets with a cautious stance,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

“Volumes on the NSE were on the higher side as compared to the recent average. Broad market indices rose more than the Nifty even as the advance decline ratio jumped to 3.28:1. Global shares edged down as investors braced for an eventful week that will include central bank meetings, a slew of earnings reports and key U.S. economic data,” Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty Technical View: Support seen at 17,400

“Technically, the Nifty found resistance near 17,750. As long as the index is holding the 17,500 support zone, the pullback formation is likely to continue. Above the same, the index could move up to 17,800-17,850. On the flip side, below 17,500, the market may witness a sharp selloff and on further correction, the index could slip till 17,400-17,350,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

“Following a positive start, the Nifty remained volatile within a small band. The sentiment, however, remained a bit weak, favouring the sell-on-rally approach. The current trend may remain intact as long as it remains below 17,800. On the lower end, support is visible at 17,400. Over the near term, the Nifty will remain in a broader range of 17,400–17,800. Any breakout on either side is likely to create a directional movement in the market,” said Rupak De, Senior Technical Analyst, LKP Securities.

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