The reaquest ended lower due to profit-booking in the final hour of the trade on October 27, snapping two days of earnings.
Losses in essence and banking and fiscal names similar as HDFC Bank, Axis Bank, Bajaj Finance and Bajaj Finserv amid weak global cues dragged the request lower.
At near, the Sensex was down206.93 points, or0.34 percent, at, and the Nifty was down57.40 points, or0.31 percent, at.
The Nifty opened with a small gap but was unfit to sustain the high to close the day at percent and again formed a bearish candle on the diurnal map, said Rohit Singre, Senior Technical Analyst at LKP Securities.
“The indicator has formed a strong chain zone near zone and trading below said situations, we may see some further profit-booking, but if manages to cross the said situations decisively, also coming move towards- zone ca n’t be ruled out,”Singresaid.Fresh long are suggested above. Immediate support is near 18150-18000 zone and dealers can track there stop out below, he added.
The broader indicators BSE midcap and smallcap ended flat.
Asian Maquillages, UPL, Divis Labs, Infosys and Cipla were among the major Nifty winners. Disasters included Axis Bank, Bajaj Finance, ONGC, Tata Motors and BajajFinserv.On the sectoral front, selling was seen in the bus, energy, infra and essence names, while PSU, FMCG, IT and pharma indicators rose0.3-2 percent.
Stocks and sectors
On the BSE, essence names and Bankex ended a percent down each, while the IT indicator rose a percent and healthcare indicator0.6 percent.
Further than 150 stocks, including Bank of Baroda, Arvind and Tanla Platforms, hit a 52-week high on the BSE.
Specialized View
Further weakness can be anticipated in Nifty if it slips below in the coming trading session. In such a script, the indicator may ultimately head to test the recent corrective swing low of situations, said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory,Chartviewindia.in.
” Contrary to this, intraday strength can be anticipated if the indicator sustains above situations and in such a script, the strength shall originally get extended towards situations,”Mohammad said.
With yearly expiry on October 28, dealers should remain neutral as requests may see choppy trade, he said.
Outlook for October 28
Rahul Sharma,Co-Founder, Equity99
.With yearly expiry, we anticipate good movement in the request on October 28. It’s also theex-date for the IRCTC stock split, which has been making a good move lately.
Dealers are advised to move with strict targets and stop loss. We recommend dips be bought in quality stocks.
Considering the movement in the request and the expiry, will act as top support followed by and if these situations are broken, the Nifty can slide to.
On the upper side, will act as strong resistance but it broken, it can lead the indicator to-.
Gaurav Ratnaparkhi, Head, Technical Research, Sharekhan by BNP Paribas
.The rise in the last couple of sessions is showing lapping structure on the hourly map. This means that it’s a part of the connection process.
On the strike, the Nifty can readdress the pivotal- mark where it’s anticipated to take support near the 20-DMA.
On the advanced side, the day’s high of will act as a near- term hedge. Overall, the Nifty is anticipated to continue with the short- term connection
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