After The Bell: Profit-booking hits D-St; what should investors do on Monday?

Market Outlook

Indian markets snapped their three-day winning streak on March 12 to close with losses of about 1 percent despite positive global cues. The S&P BSE Sensex ended 487 points lower at 50,792, while the Nifty slipped 143 points to 15,030.

Sectorally, buying was seen in utilities, power and consumer durable stocks, while profit-taking was visible in auto, energy, banks, finance and consumer discretionary stocks.

The S&P BSE midcap index was down 0.4 percent but the smallcap index ended 0.14 percent higher.

“Indian markets failed to hold on to its strong start as rising bond yield countered positive sentiments. All major sectoral indices belled the day in negative terrain, while smallcap indices continued to remain positive,” Vinod Nair, Head of Research at Geojit Financial Services said

“The US market has had a robust close yesterday, taking cues from fall in the US unemployment rate and signing of the stimulus bill. However, Asian and European markets couldn’t maintain the optimism due to rising US bond yield ahead of the Fed policy meeting next week,” he said.

Here is what experts suggest investors should do on March 15:

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

The Nifty50 formed a strong bearish candle on the daily and a Doji candle on the weekly scale. It negated its higher-lows formation of the last three sessions and wiped out the bullish momentum.

Now, it has to decisively hold above 15,000 to witness an up move towards 15,200 and 15,300 zones. On the downside, immediate support exists at 14,900 then 14,800 levels.

Rohit Singre, Senior Technical Analyst at LKP Securities

The Nifty50 managed to close the week above the 15,000-mark with gains of half percent and formed a Doji candle on the weekly chart, hinting at uncertainty in the market at the upper range.

On the downside, the index has strong and good support at 14,850. A decisive break below the said level can push pressure towards 14,500 on an immediate basis. We may see some stability above 15,250, which remains a strong hurdle.

Ashis Biswas, Head, Technical Research, CapitalVia Global Research Limited

The market continued to witness volatility and stayed in the 14,950-15300 range. The short-term technical condition shows that a sideways correction is in the process.

While it is subject to further price action evolution,  it will be prudent to wait for a decisive breakout above 15,300 and technical factors to improve before going long in the market.

Traders are advised to refrain from building a new buying position until further improvement and a breakout above 15,250.

Volatility expanding in today’s session, indicating profit-booking and stock distribution at a higher level.

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