In a choppy session, benchmark stock indices Sensex and Nifty pared their early gains to settle lower in choppy trade on the last day of the 2021-22 fiscal on Thursday, dragged by heavyweight conglomerate Reliance Industries and aluminium producer Hindalco.
The BSE Sensex declined by 115 points to settle at 58,568 amid the expiry of monthly derivatives contracts whereas the NSE Nifty slipped from seven-week highs, closing 0.19% lower at 17,464 on Thursday.
Asian markets declined on Friday whereas SGX Nifty indicates a negative start for the Indian stock market today. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.
“Given lot of global developments, we expect market volatility to remain high in the near term. However economic recovery coupled with government focus on Capex and domestic manufacturing would drive overall growth in FY23. We are positive on IT, select BFSI, commodities, retail, real estate, defence and telecom for FY23. Also one can consider FMCG, autos and Cement as contra plays and accumulate them gradually for long term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
“We observe a lack of sharp selling from near the crucial overhead resistance of 17500 levels. This could be considered as a positive for the market as this consolidation movement could eventually result in an upside breakout of the hurdle," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The short term trend of Nifty is range bound and this consolidation or minor downward correction could continue for the next 1-2 sessions before showing another round of upside bounce. Immediate support is placed at 17350 levels, added Shetti.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
