CNN Central News & Network-ITDC India Epress / ITDC News Bhopal : India’s benchmark Sensex and Nifty indices closed unchanged as the market faced uncertainty over election results and subdued corporate earnings.
However, broader markets showed resilience, with BSE Smallcap rising 0.5 percent and BSE Midcap edging up by 0.8 percent, rebounding from the previous day’s losses of nearly 2 percent each.
At close, the Sensex was down 45 points (0.1 percent) at 73,466.39, while Nifty 50 gained 4.50 points, with 1,946 shares advancing, 1,310 declining, and 106 remaining unchanged.
Outlook for May 9
Prashanth Tapse, Senior VP (Research), Mehta Equities:
Investors traded with caution due to lack of fresh positive triggers and ended on a flat note with a slightly negative bias amid selective profit taking in banking and IT stocks. Firm European market cues also failed to fuel optimism, as no stoppage in foreign fund outflows and no major surprises in the ongoing earnings season prompted investors to stay guarded. Also, with election season on, no one wants to place longish bets.
Deven Mehta, analysts at Choice Broking:
The Nifty exhibited a neutral performance with high volatility throughout the day after a gap down opening. Bank nifty also encountered volatility but closed negative for the day on its weekly expiry but managed to close above the strong support of 47900 levels at 48021.10.
The market has traded flat, with the Sensex losing 0.06 percent and closed at 73466.39 and Nifty was flat by 0.00 percent intraday and closed at 22302.50 levels whereas Bank Nifty closed Negative, down by 0.55 percent and settled at 48021.10.
Among sectors Nifty AUTO, Nifty PSU BANK and Nifty METAL ended in green while Nifty IT, Nifty FIN SERVISES and Nifty PVT BANK ended on the lower side. In Nifty stocks, HEROMOTOCORP, BPCL and TATA MOTORS were the top gainers while ASIAN PAINTS, GRASIM and DRREDDYS were the prime laggards. INDIA VIX was Positive by 0.43 percent intraday and settled at 17.0800.
The index has a support around 22225-22175 zone. Coming to the OI Data, on the call side, the highest OI observed at 22500 followed by 22700 strike prices while on the put side, the highest OI is at 22000 strike price. On the other hand, Bank nifty has support at 47700-47500 while resistance is placed at 48300 and 48500 levels.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities:
The Bank Nifty index encountered a volatile trading session during the expiry day, highlighting the ongoing struggle between bulls and bears. The next significant support level for the index is positioned at 47770, coinciding with the 50EMA. On the upside, immediate resistance lies at 48250. A decisive breach above this level could propel the index towards 48400-48500, where call writing activity is evident.
