After The Bell: Nifty fails to hold 14,900, what should investors do on Monday?

Market Outlook

The Indian market snapped a three-day winning streak and closed in the red on April 9. The Nifty50 failed to hold on to 14,900 for the second consecutive day, while the S&P BSE Sensex was down more than 150 points.

The Sensex closed 154 points lower at 49,591 and the Nifty lost 38 points to end at 14,834.

Sectorally, buying was seen in healthcare, FMCG, consumer durable and IT stocks. Profit-taking was visible in metals, power, banks and capital goods stocks.

“Domestic markets traded in a mild negative territory following weak global cues and increasing COVID cases. A fall in the market was led by the private banks as concerns about banks’ asset quality spiked with increasing restrictions across states,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“Buying interest was seen in PSU banks in hopes of finalization of potential privatisation candidates. On the sectoral front, pharma stocks were the top gainers, while broader markets continued to perform well,” he said.

Here is what experts suggest investors should do on April 12:

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

The market tried to overcome the resistance around the 14900 levels on the Nifty50. A breakout above 14900 will be key to an upside till 15,300.

Momentum indicators like RSI and MACD point to further strengthen in favour of a positive outlook. Traders should consider a breakout above 14,900 as an opportunity to build fresh long.

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

The Nifty formed a Doji candle with a long lower shadow on the weekly chart and a small Bearish candle on the daily scale, indicating buying at lower zones.

The index has to decisively cross and hold above 14,880 for an up move towards 15,000 and 15,100 zones, while on the downside, support exists at 14,750 and 14,650 levels.

Binod Modi, Head Strategy at Reliance Securities.

Any near-term possible correction in the market should be treated as an opportunity for bargain trading. A strong pick up in capital expenditures in FY22E, impact of reforms announced in the Budget to stimulate consumption activities and higher capital expenditures allocation should continue to support corporate earnings.

Investors must focus on quality stocks with robust earnings visibility and margins of safety.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

It was a day of subdued trading and the Nifty failed to get past the 14,950-15,000 resistance zone. It is crucial for this level to be taken out in the coming week as that would signal an up move to 15,300-15,400.

If the support of 14,400 is broken, we will revisit the previous lows of 14,200 and can drift further to 13900.

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