IGI Logo

Below the Quote on Post-Market Comment by Mandar Bhojane, Choice Broking 

On April 18, benchmark indices Sensex and Nifty relinquished their initial gains and declined as investors opted to book profits. Weakness particularly affected sectors such as consumer, pharmaceuticals, and banking towards the end of the trading session. Market experts anticipate that the bearish sentiment will persist over the coming days due to geopolitical uncertainty in the Middle East, elevated bond yields, and the ongoing corporate earnings season.

Nifty opened with a gap up amidst a volatile start, reaching a high of 22,320 points. However, in the 2^nd half of the trading session, it experienced a sharp decline of over 360 points from its day high, ultimately closing with a loss of 152.05 points but still above the 22,000 level, settling at 22,045.75.

Nifty is currently trading near a major support level, and if the index breaks below the 22,000 mark, it may further decline to the levels of 21,900 - 21,800. On the flip side, immediate hurdles for an upside movement are expected at 22,100 and 22,200 levels.

On the hourly chart, Banknifty witnessed a breakdown of a head and shoulders pattern with substantial volume, indicating bearish pressure. If Banknifty breaks below the 47,000 level, it could extend its decline towards 46,600 and 46,400 levels. Conversely, immediate resistance is anticipated at the 47,400 level.

Above views are of the author and not of the website kindly read disclaimer