F&O expiry: Sensex falls 610 pts from day’s high, Nifty ends flat; here’s what technical charts say

The swing continued throughout the trading session with BSE Sensex and Nifty 50 moving between gains and losses in Thursday’s trade. BSE Sensex ended just 32 points up at 49,766, while the Nifty 50 index settled 30.35 points up at 14,895 level. Index heavyweights such as Reliance Industries Ltd (RIL), Bajaj Finance, Bajaj Finserv and Axis Bank helped the index to end in green. In the broader market, the S&P BSE MidCap index ended 36 points or 0.18 per cent lower at 20,445. While S&P BSE Smallcap index gained 28 points or 0.13 per cent to settle at 21,686. India VIX, volatility index, jumped 3.21 per cent to end at 23.31 level.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The Index has taken a bit of a breather after crossing 15000 earlier in the day. It is also a bout of profit booking since today was the month-end expiry. The markets seem to be bullish and the Nifty has wings to move up further to levels closer to 15100-15200. Dips can be utilized to buy this market.

Rohit Singre, Senior Technical Analyst at LKP Securities

Index again opened a day with a good gap but profit booking from higher-end led index to close with minimal gains at 14880 and formed a bearish candle on the daily chart after five consecutive green candles. Index retraced from its strong hurdle zone of 15k mark previously also we witnessed profit booking from same levels if we failed to sustain above 15k mark we may see sort of profit booking in coming sessions towards immediate support zone of 14800-14750 zone.

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some strong trend and an attempt to overcome the resistance level around the Nifty 50 Index level of 15000. While sustaining above 14800 is the key factor from a short-term perspective, our research suggests, maintaining above this level market to gain momentum and to open the gate for a movement till 15200. The momentum indicators like RSI, MACD to stay positive and market breadth to improve, further strengthening the view of a short-term bullish outlook.

Deepak Jasani, Head of Retail Research, HDFC Securities

Indian Benchmark equity indices ended with marginal gains on April 29 after giving up most of the opening gains. The Nifty opened higher but fell in the early part of the day to make an intra day low at 1050 Hrs. A feeble recovery followed amid volatility on April F&O expiry day. At close, the Nifty was up 30.40 points or 0.20% at 14,894.90. Volumes on the NSE were in line with recent averages. Among sectors, Metals was the main gainer while PSU Bank and Auto indices fell the most. Indian steelmakers rose after China tweaked its import and export levies on steel, signalling that the world’s largest consumer of the alloy is willing to import more to meet its growing requirement. Nifty failed to hold above 15000 level. Negative advance-decline ratio suggests some caution among market participants. 15050 could be a resistance on the up for the Nifty while 14695 could act as a support. Going by the slow fall seen so far, it seems that Nifty has not yet made a top in this upmove.

Vinod Nair, Head of Research at Geojit Financial Services

The domestic market was torn between negatives and positives on a volatile trade owing to the monthly F&O expiry. The Fed in its meeting sealed economic confidence by keeping its monetary policy loose and reaffirming aggressive support through bond buying. Metal stocks continue to outshine other sectors on strong outlook.

S Ranganathan, Head of Research at LKP Securities

An upbeat mood for metal stocks – steel and aluminium yet again helped Indices to close flattish on a day of heightened volatility. Cement stocks and Private Banks lent support to the Bulls even as we saw profit booking on earnings today.