Nifty falls 118 pts, Bank Nifty 443 pts from day’s highs; check support, resistance levels for Thursday trade

BSE Sensex and Nifty 50 ended the last day of the first half of the calendar year 2021 (H1-CY21) in the negative territory. The 30-share Sensex fell 67 points to end at 52,483, and Nifty 50 settled weak at 15,721, a day before the weekly options expiry. Index heavyweights such as ICICI Bank, Housing Development Finance Corporation (HDFC), HUL, and L&T among others contributed the most to the indices loss on Wednesday. In the broader markets, smallcaps outperformed the equity benchmarks. S&P BSE Smallcap index added 0.56 per cent or 139.48 points to finish at 25,232, while the BSE Midcap index ended flat to negative at 22,535.95. The India volatility index (VIX), or the so-called fear index, gained 0.32 per cent to settle at 13.05 levels.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

We were unable to get past the range today, 15900 continues to be a major roadblock for the Nifty. If we can cross that, we will head to 16100. Until then we will vacillate between 15400 and 15900 on the back of lackluster volumes. 15400 is a good support for the markets and until we do not disrespect that on a closing basis, the macro trend continues to remain bullish.

Rajesh Palviya, Vice President, Research (Head Technical & Derivatives), Axis Securities

Nifty again failed to cross 15900 level and witnessed profit booking from higher level, however Nifty closed near to its important support level of 15700, if Nifty breaks below 15700 then it may witness more unwinding action and Nifty can slide further towards 15600-15550. Banknifty failed to hold its important support area of 35000, Bank Nifty formed bearish candle on daily chart. Banknifty is forming lower high low formation since last three trading session indicating sustained weakness, if Bank Nifty breaks below 34700 then it may see more unwinding action which could drag it lower towards 34500-34300 level, however, if Bank Nifty manages to cross above 35200 then we could see a sharp upmove towards 35600-35700 in near term.

Swastik AK Nigam, CEO and Founder, Winvesta

June has been a month of consolidation for Indian equities with the Nifty 50 gaining just under 1% this month. As has been the trend over the last few days, markets continued to witness selling pressure at higher levels. This trend may persist as most of the positive news is priced in. For tomorrow’s session, the focus will be on the auto sales data for June as well as macros in the form of the Manufacturing PMI. The real trigger for the markets will be the earnings for the April-June quarter which kickstart in mid-July.

Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

Markets pared all their intraday gains and ended in negative on a day before the weekly options expiry. The session saw high call writing on 15750 and 15900 strikes. maximum addition of Call OI during the day. However, on a closing basis, the strike of 15900 continues to hold maximum Call OI as of now. This means that NIFTY is unlikely to move past this point even if it attempts any pullback rally. On the lower side, while 15650 put saw highest addition of PUT OI, maximum PUT OI stands at 15500. This means the NIFTY is unlikely to slip below this point. NIFTY is likely to see a trending day with upsides staying capped at 15800-15850 zone unless a tactical change in OI occurs.