Sensex rebounds 326 pts from the lowest to finish flat, Nifty to 17353; are the bulls too exhausted now?

National benchmarks hovered between gains and losses for most of the day, but slipped deep into the red during afternoon trading, only to rebound in the dying minutes to finish flat. S&P BSE Sensex lost 29 points or 0.05% at the close to 58,250. NSE Nifty lost 8.60 points or 0.05% to settle at 17,353. Bank stocks were among the best performers today. Kotak Mahindra Bank jumped 3.5% to close as the first index winner, followed by NTPC, Titan and Sun Pharma. Nestlé India lost 2.27%, the worst performing Sensex component of the day. Maruti, Bajaj Finserv and Bajaj Auto were among the other laggards. Bank Nifty outperformed the benchmarks, gaining 0.82% to close at 36,768. The Nifty Midcap 50 and Nifty Smallcap 50 indices closed in the green.

S Ranganathan, Head of Research at LKP Securities -

“In a volatile trading session today, the Bulls managed to stage a smart comeback led by the pace of vaccinations and buildup seen at Kotak Bank. Broad markets have seen interest in textile stocks thanks to the PLI program announced today. The late afternoon session saw the Advances gain ground over the Declines as several Midcaps were seen buzzing.

S Hariharan, Manager - Sales, Emkay Global Financial Services -

“A number of meetings of central banks in developed markets are scheduled for this week which would provide insight into plans to curtail asset purchases, which in turn would have implications for currency markets as well as foreign currency markets. risky assets. As a result, we have seen an upward trend in long-term FII equity positioning start to decline over the past 3 sessions. As mid and small cap indices are trading near resistance levels despite Nifty hitting new highs, overall market sentiment remains cautious and market advance remains dominated by a handful of stocks. The cement and PSU indices appear to have the highest relative strength, while autos is the weakest sector in the market as a whole. “

Palak Kothari, Research Associate, Choice Broking-

“The index continues to trade in the formation of the lowest lows of the past three trading sessions, but in the hourly chart the index took support at 50-HMA and rebounded from there which highlights the strength of the meter. On a four hour chart, the index formed a hammer candlestick pattern which indicates that the buyers are active. All key indicators like RSI, MACD and Stochastic support the positive trend of the index. Right now the psychological level of 17500 could be resistance while on the downside 17200 could provide support for the index. “

Vinod Nair, Research Manager at Geojit Financial Services -

“The domestic market opened on a flat note as the cautious trend in the global market forced Indian stocks to trade lower amid lingering concerns over increasing cases of covid and slowing recovery However, supported by a recovery in broader markets, key indices ended on a flat note. Cabinet approval of PLI program for man-made fibers and technical textiles will help improve prospects for the industry .

Mohit Nigam, Head - PMS, Hem Securities -

“Technically, the market is witnessing a continuing positive trend and has held well above the 17,300-350 levels and we believe this bullish movement will continue to the 17,500 level in the near term. On the downside 17,100 is immediate support for Nifty 50 followed by 16,900. “