After The Bell: Market ends flat, what should investors do on Monday?

Market Outlook

The S&P BSE Sensex closed flat with a positive bias on April 16 but bulls failed to hold on to the momentum and closed 1.5 percent lower for the week ended April 16. The Nifty50 managed a close above 14,600.

The S&P BSE Sensex rose 28 points to end at 48,832, while the Nifty50 was up 36 points to close at 14,617.

Sectorally, buying was seen in sectors like healthcare, utilities, consumer durable, power, while auto stocks while selling was seen in banks, capital goods, and realty stocks.

Positive global cues helped the Indian market to close in the green for the third consecutive day in a row. “Strong positive cues from the global market lent optimism to the Indian market leading to robust recovery though volatility and underperformance were noticed at the end of the day due to concerns over lockdown,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“US treasury yield saw a sharp drop yesterday on reports of better-than-expected retail sales and a fall in unemployment. It triggered a rally in the US, which was also reflected in European and Asian markets,” he said.

As soon as the infection rate drops in India due to lockdown and vaccination, market performance will improve, Nair added.

Here is what experts suggest investors should do on April 19:

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

The market witnessed a positive trend on April 16. The breakout above the April 15 resistance level of 14,500 is positive from the short-term perspective.

If the index sustains above 14,500, the market is likely to gain further momentum that can take the index towards 14,900.

The momentum indicators like RSI and MACD support the upside move, indicating the continuation of the short-term uptrend.

Rohit Singre, Senior Technical Analyst, LKP Securities

The index closed the week at 14,600 zone with a loss of 1.50 percent on weekly basis and formed a hammer sort of candle pattern on the weekly chart.

The index has strong resistance at 14,700, which will be an immediate hurdle for the Nifty in the coming week as well followed by 14800.

On the downside, supports are still placed at the 14,500-14,400 zone. If it manages to hold above it, the Nifty may see a positive move in the coming sessions.

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

The Nifty formed a Doji candle on the daily scale and a Hammer pattern on the weekly scale, which indicates that declines were being bought but follow-up was missing at higher zones.

Now, it has to continue to hold above 14500 zones for an up move towards 14700 and 14850 zones while on the downside, support exists at 14350 and 14250 zones.

Sumeet Bagadia, Executive Director at Choice Broking.

Technically, the benchmark index failed to sustain above 50-day exponential moving averages, which acts as an immediate resistance zone.

Moreover, the MACD indicator has also pointed to negative crossover, which suggests bearishness for the near term. At present, the Nifty has immediate support at 14,250, while on the higher side, it may find resistance around 14,700.

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