Here is five experts’ view on what to expect tomorrow and how to trade the market post today’s crash
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The market ended near a 1-month low on March 24 amid weak global cues and fears of a second wave of COVID infections in India. At close, Sensex was down 871.13 points, or 1.74%, at 49,180.31, and Nifty was down 265.40 points, or 1.79%, at 14,549.40.
Among sectors, Nifty Metal and PSU bank indices slipped 3 percent each, while Nifty Auto and Nifty Bank shed over 2 percent each. BSE Midcap and Smallcap indices shed over 1.5 percent each.
Meanwhile, all the S&P BSE sectoral indices ended in the red with auto, bank, capital goods, metal and realty indices slipping 2 percent each.
Among individual stocks, a volume spike of more than 100 percent was seen in Aarti Industries, SAIL and Alkem Laboratories.
Long buildup was seen in the Berger Paints and Aarti Industries, while a short buildup was seen in SRF, Bharat Forge and Dabur India.
More than 100 stocks, including Mindtree, KPIT Technologies, Inox Wind, Godrej industries, Adani Enterprises and Ambuja Cements, hit a fresh 52-week high on the BSE.
The Nifty failed the setup of higher lows, which it saw in last two trading sessions and broke its 50-DEMA. Weakness swept across the Street and finally Nifty settled the day with losses of more than 250 points.
Here is what experts suggest investors should do on March 25:
Deepak Jasani, Head of Retail Research, HDFC Securities
Indian benchmark indices fell the most in a month on March 24. Nifty opened gap down and fell in the morning session. A second bout of selling happened post 1340 Hrs and the Nifty closed almost at its intra-day low. At close, Nifty 50 index fell 1.8% to end at 14,549. The index has fallen to its lowest in nearly two months.
Nifty is close to 14,468, which is the make or break level for the near term. Fall with lower volumes suggest that bottom fishers are staying away, while sellers are hopeful of a bounce in the near term. On rises, 14,638 could provide resistance.
Ajit Mishra, VP – Research, Religare Broking Ltd
Bears took charge in today’s session as the Nifty index ended with a sharp cut of nearly 2%. Weak global cues combined with the news of a new mutant of the COVID-19 in India spooked participants. The broader markets, too, witnessed sell-off as both midcap and smallcap indices ended with losses of 1.7% and 1.6%, respectively. On the sector front, all indices ended in the red wherein metal, auto and banking were the top losers.
Though we have not seen any major correction in the benchmark yet, the uneasiness is certainly increasing with the rapid rise in the COVID cases. Besides, global cues are also mixed. We were hoping for some respite from the banking front but it failed to build on the previous session’s gain. Put together, indications are now pointing towards further slide in the index while volatility is likely to remain high due to the scheduled expiry of March month contracts. We reiterate our bearish yet cautious view and suggest maintaining positions on both sides.
Chandan Taparia, Vice President | Retail-Research at Motilal Oswal Financial Services
Nifty index opened negative and remained under pressure for entire day as every small bounce was being sold. It has failed the setup of higher lows of last two trading sessions and broken its 50 DEMA. Weakness swept across the street and finally index settled the day with losses of more than 250 points. Now, it needs to cross and hold above 14675 zones to witness an up move towards 14800 and 14900 zones while on the downside immediate support exists at 14450 then 14350 zones.
On option front, Maximum Put OI is at 14000 followed by 14500 strike while maximum Call OI is at 15000 followed by 15300 strike. Call writing is seen at 14700 then 14600 strike while marginal Put writing is seen at 14300 then 14350 strike. Option data suggests a lower trading range in between 14350 to 14800 zones
Vinod Nair, Head of Research at Geojit Financial Services
Indian market witnessed across-the-board selling amidst high volatility owing to weak global cues and spike in Covid cases. All sectors barring pharma witnessed selling as second and third wave infections in India and Europe, respectively, are bound to hamper economic recovery. Reports of a potential tax hike in the US also impacted the market sentiment.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
Today was a bad day for the market. The breadth of the market was extremely poor. About two-third of the listed stocks were down as well as all sectoral indices closed in negative territory. Nifty closed lower at 14549 and Sensex closed lower at 49180. Tomorrow ahead of the March 2021 F&O expiry the market is likely to be in turmoil phase. Nifty may fall to 14350 and Sensex may fall to 48580. The focus should be on pharmaceuticals and technology companies. On the higher side, 14650/49600 and 14700/49800 would be major hurdles.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
