Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio
Indian bourses started off with a gap-down opening amid highly volatile weekly Expiry as Nifty closed below 17,250. Among sectors, IT, oil & gas, metal and pharma indices rose 1 percent each, while bank index was down 1 percent. BSE midcap and small-cap indices ended marginally higher. Both the benchmark indices closed at 17,222 & 57,595.
Nifty is trading in a narrow range of 17,000-17,450 giving no such strong indication of a directional move. Currently it is trading above all its major moving averages and importantly it is sustaining above its 200 Day EMA which is placed near 16,720 levels, a crucial level in upcoming trading sessions. After today's close, Nifty will look to continue for immediate targets of 17,350 & 17450, respectively whereas on the downside 17,000 should act as immediate support followed by 16,850.
The mood of the markets turned as concerns over the country's bilateral trade emerging due to the ongoing Russia-Ukraine war which could lead to some kind of disruption in trade.
Dr Reddy's Laboratories, Coal India, Hindalco Industries, Ultra-Tech Cement and Tech Mahindra were among the top Nifty gainers, while losers were Kotak Mahindra Bank, Titan Company, HDFC Bank, ICICI Bank and HDFC.