The Bears pulled Dalal Street down for the third straight day on Thursday as Sensex Nifty finished deep in the red. (Photo: REUTERS)

The Bears pulled Dalal Street down for the third straight day on Thursday as Sensex Nifty finished deep in the red. The S&P BSE Sensex lost 372 points or 0.62% to close at 59,636 while the NSE Nifty 50 Index lost 134 points or 0.75% to settle at 17,765. Mahindra & Mahindra was the Worst performing stock on Sensex, down 3.28%, followed by Tech Mahindra, HCL Technologies and HCL Tech. On the other hand, State Bank of India was the main winner, up 1.16%, followed by Power Grid, HDFC Bank and Reliance Industries. Larger markets closed with losses as the midcap and smallcap indices outperformed their benchmarks. Bank Nifty ended down 0.17%, dropping the 38,000 mark. India VIX closed with losses.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty fell for the third consecutive session. In the process, the Nifty recorded a first weekly defeat in three weeks. While stocks remain attractive due to negative real interest rates, a high risk premium, and flows seeking real returns, the chart’s formation over the past few days suggests further weakness before a reversal does occur. If the support at 17613 is broken, this downward movement may accelerate.

Manish Hathiramani, Owner Index Trader and Technical Analyst, Deen Dayal Investments –

“Markets rebounded quickly around the 17600 level as this is the lower end of the current range and short term support for the Nifty. If we break this level, the short term trend will reverse and the bears will gain the upper hand. This could take the markets to 17200. On the upside resistance is at 18150 and until we break it the current range movement will continue.

Palak Kothari, Research Associate, Choice Broking-

“Technically, the index gave a breakdown of the uptrend line and a close below 50 DMA, suggesting weakness for the next few trading sessions. For the past four trading sessions, the index has been on the rise. is traded with higher highs and lower lows indicating some corrections for the next trading session. However, the index has taken support from the lower Bollinger band, a breach below may indicate a further decline. Besides, the index closed below 21 DMA and the Stochastic and MACD indicator is trading negative cross indicating a weakness in the counter for the next trading sessions. At present the index has a support level of 17650, while resistance is at 18000 levels.

Gaurav Udani, CEO and Founder, ThincRedBlu Securities –

“Nifty after hitting a low of 17688 closed at 17740, down 150 points from yesterday’s close. 17600 to 17550 should be the next range of support for Nifty. Traders are advised to avoid buy down markets and wait for Nifty to close above 18200 with above average volumes. Overall the correction trend is astute and we could see levels of 17,600 to 17,550 at during the next negotiation sessions. ”

Mohit Nigam, Head – PMS, Hem Securities –

“Technically, 17,700 and 18,000 are short term support and resistance in Nifty 50 and for Bank Nifty 37,680 can be used as immediate support while 38,396 is considered a resistance level.”

Vinod Nair, Research Manager at Geojit Financial Services –

“The low listing of India’s largest IPO and the weakness of the global market amid rising inflation have had an impact on domestic sentiment. In the context of a weak global market, the contraction in the prices of metals and crude oil continued to weigh on the Indian market. The auto sector was also under pressure as the industry reported low festive sales figures due to weak demand for two-wheelers and a shortage of semiconductor supplies.

Get live stock quotes for BSE, NSE, US market and latest net asset value, mutual fund portfolio, see the latest IPO news, top IPOs, calculate your tax with the help of the income tax calculator, know the best winners, the best losers and the best equity funds in the market. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.