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Sensex
Indian equity indices snapped a two-day losing streak to end higher in a volatile trade on March 27, with the Sensex closing 126.76 points, or 0.22 percent, higher at 57,653.86 and the Nifty gaining 40.70 points, or 0.24 percent, at 16,985.70.
After a firm start, the market extended gains as the day progressed but final-hour selling in the auto, power and realty stocks limited the gains.
Also Read: Is Nifty IT bottoming out after falling 12% from February high?
Stocks and sectors
Grasim Industries, Reliance Industries, Cipla, Sun Pharma and SBI were among the top Nifty gainers, while losers were Adani Ports, Power Grid Corp, SBI Life Insurance, M&M and Tata Motors.
Among sectors, auto, capital goods, power and realty were down 0.5-2 percent, while the pharma index was up a percent.
The BSE midcap index shed 0.4 percent and the smallcap index was down 1.5 percent.
AIA Engineering, Bharat Wire Ropes, Career Point and Cyient were among the stocks to touch their 52-week high on the BSE.
More than 600 stocks touched their 52-week lows. These include Bandhan Bank, Indiabulls Real Estate, Wockhardt, Wipro, Godrej Properties, Tata Power, Gati, Devyani International, SpiceJet and Laurus Labs.
Among individual stocks, a volume spike of more than 300 percent was seen in Biocon, Sun Pharma and Sun TV Network.
A short buildup was seen in Indian Energy Exchange, Indian Railway Catering & Tourism Corp, Tata Power, while a long build-up was seen in Biocon, Glenmark Pharma and Lupin.
Outlook for March 28
Rupak De, Senior Technical Analyst at LKP Securities
The trend remains bearish as the Nifty continues to stay below the critical moving average. The bearish crossover of the 21 exponential moving average (EMA) and the 55 EMA have been boosting the bearish sentiment.
Sell-the-rally should be the theme for traders as the rallies are getting sold into. On the higher end, sellers may return around 17,250. The weakness can take the Nifty to 16,750 over the short term.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty witnessed sharp swings in both directions and managed to close in the green. On the daily charts, the Nifty traded within the range of the previous session. It made an successful attempt to cross the key hourly averages and saw sharp selling pressure.
Intraday moves were violent and the Nifty was unable to sustain at higher levels, indicating weakness.
On the downside, the Nifty is in the 16,910–16,970 range, where the crucial Fibonacci retracement levels are placed. It is holding on to the supports but has failed to get past the resistance levels, the reason we are witnessing sideways consolidation.
The daily momentum indicator has a positive crossover, thus, we continue to maintain a positive outlook on the index.
On the upside, initial target is at 17,200 and above it, the index can climb to 17,450–17,500. Support is at 16,910–16,870.
Ajit Mishra, VP-Technical Research, Religare Broking
Amid an uncertain environment, participants are not reacting positively to any intermediate uptick in global markets. A fresh decline in the broader markets has added to their worries. We recommend maintaining a check on leveraged positions and let the market stabilise.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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