After The Bell: Market consolidates after touching record high, what should investors do on Wednesday?

Market Outlook

Bears tried to take control of D-Street in the second half of the trading sessions on Tuesday but bulls gave a tough fight and narrowed losses towards the close of the trade.

The S&P BSE Sensex hit a record high of 52,516 while the Nifty50 hit a life high of 15,431 before investors preferred to book profits at higher levels, but the upside still remains intact.

The S&P BSE Sensex closed with losses of 49 points to 52,104 while the Nifty50 closed flat but with a negative bias at 15,313 on Tuesday.

“Market, though volatile, kept its momentum during the morning hours, however, failing to hold on to it due to a weak opening of European markets. The downfall was aggravated by private banks, IT, and FMCG stocks while mid and small caps continued their outperformance,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“Increased interest was seen in PSU Banks as the government shortlisted four banks for privatisation. The Indian market has been absorbing the global trend these days and we expect that to continue due to the lack of any major domestic event,” he said.

Here is what experts say investors should do on February 17: 

Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited.

The Nifty 50 Index is still holding above the support level of 15250. It is critical to sustaining above the 15250 Nifty50 Index level to keep the short-term positive trend intact.

It has observed volatility to expand in Tuesday’s trading session indicating profit booking and stock distribution at a higher market level.

Investors should buy on a breakout above 15370 and look for an exit around 15520. Overall, the investor should maintain a stop below 15,250.

Rohit Singre, Senior Technical Analyst at LKP Securities.

The index opened the day with gains but was not able to hold the gains for long and witnessed a profit booking and closed the day on a flattish note at 15318.

Though after spike in volatility, the index managed to hold above the important support which are placed at 15250.

Going forward, 15250 will act as immediate support followed by 15100 odd levels. If the index holds the above-said levels then we may see the current momentum extend further towards the immediate hurdle zone of 15400-15500 zone.

Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited

The Nifty index opened the gap up and made a new lifetime high of 15431 but could not sustain at higher zones. During the day, it witnessed some profit booking as it fell towards 15242 and touched to previous day’s low.

However, the second half of the day saw some support-based buying and recovery to settle the day on a flattish note. It formed a Bearish candle on the daily scale but forming higher highs from the last four sessions.

Now, the index has to hold above 15200 zones to continue its bullish momentum towards 15500 zones while on the downside major support can be seen around 15100 and 15000 zones.

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