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Sensex. Nifty end in green but gains are capped as smallcap stocks lose steam sharply; RIL, Sun Pharma top gainers

Sensex,

Monday marked the end of the Sensex and Nifty 50’s two-day losing streak. The Nifty 50 ended at 16,985.70, up 40.65 points, or 0.24 percent, while the Sensex ended at 57,653.86, up 126.76 points, or 0.22%.

Sun Pharma gained 1.2 percent, followed by RIL, which gained 1.5 percent. Maruti Suzuki, SBI, Kotak Bank, UltraTech Cement, HUL, and Infosys were among the other stocks to gain between 0.5 percent and 1%.

Power Grid and Tata Motors led the losers with declines of 1.06 percent each, leading the Sensex. Each of Bajaj Finance, M&M, and Axis Bank experienced a decrease of around 1%.

In the more extensive market, BSE Smallcap took a gigantic beating as the list declined almost 401 focuses or 1.5%. Additionally, the BSE Midcap index lost around 88 points.

Discussing the sectoral record, the BSE Medical care file acquired 158 focuses. With a loss of approximately 182 points, the Auto and Capital Goods index lost the most, followed by the Consumer Durables index, which lost 169 points.

“The market remained volatile in a narrow range and closed marginally in the green amid mixed signals,” stated Ajit Mishra, VP of Technical Research at Religare Broking. Nifty tried to rise after a flat opening. but in the last hour noticed a sharp cut. Gains and it at last shut down at 16985.70 level. Except for defensive indices like FMCG and Pharma, which saw losses in real estate, energy, and auto, most sectoral indices are under pressure. Meanwhile, losses of between 0.5 and 2% were recorded by the broader indices, which underperformed.

In the meantime, dollar inflows and a healthy risk appetite helped the rupee outperform its rivals at the interbank forex market. The local currency ended the session at 82.37 per dollar, down from 82.48 per dollar the previous session.

“Rupee trades in a range between 82.26-82.42 as the currency tries to settle volatility seen last week where Fed’s policy pushed dollar index higher,” stated Jatin Trivedi, VP Research Analyst, LKP Securities, regarding the rupee. After reaching Rs’s all-time high, offered support but showed weakness. The score of 82.05.

The deal between First Citizens Bank and Silicon Valley Bridge Bank (SVB) came as a breather for investors who had been selling on fears of contagion in the banking system. On Monday, First Citizens Bank entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to assume the receivership of the FDIC of substantially all loans and certain other assets, as well as to assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank. The breakdown of SVB is fundamental to the new financial strife.

“Amidst an uncertain global environment, participants are not reacting positively to any intermediate movement in world indices and now a fresh slide in the broader markets has added to their concerns, so we recommend keeping a check on it,” Mishra stated regarding domestic equities going forward. Position yourself to take advantage of market stability.”

“Intraday traders can now look for long opportunities above the resistance level of 17,110 if the close comes above 17,110 in the 15-minute chart,” Stoxbox Chief Technical Analyst Rohan Shah stated on Tuesday. If the Nifty crosses above 17,110, traders can take action. can search for new shorts. 16,900 level, and I’ll hold for 15 minutes to make sure the shorts are there.”

“The trend remains bearish as the benchmark index Nifty continues to trade below important moving averages,” Rupak Dey, Senior Technical Analyst at LKP Securities, stated in general regarding the Nifty. Additionally, the bearish crossover of the 21 EMA and the 55 EMA is increasing.” Market sentiment is bearish. Since selling occurs during rallies, traders ought to focus on selling the rally. The highest possible return for sellers is approximately 17,250. In the near future, Nifty may reach 16,750 as a result of its current weakness.

According to Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities, the index faced strong resistance in the 39,800-40000 range while the index bears continued to attack Bank Nifty from higher levels. The index is stuck in a wide range of 39000 to 40000, and a move in the wrong direction would indicate a trend. At the monthly expiration, open interest builds to its highest level at 40000 CE, and any trades above this level will result in significant short covering.

“Rupee will continue to take cues from crude oil price movement and FII data, where weakness in crude has helped the rupee to stay at 82.50, but FII The selling has kept the rupee under pressure near 82.20 areas,” Trivedi stated in addition regarding the domestic currency. In the future, the rupee will fluctuate between 82.00 and 82.75.”

Disclaimer: O2help is not responsible for the opinions or suggestions expressed above, which come from individual analysts or brokerage firms. Before making any investment decisions, we recommend that investors conduct due diligence with licensed professionals.

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