6th consecutive lower close for the Nifty

Views on Market Performance - By Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

Nifty ended lower in a volatile session. It is 6th consecutive lower close for the nifty at 17465. Breadth continues to remain poor and midcap and small cap indices also closed lower for the day. Nifty is marching towards its 200 days SMA support, placed at 17368. Budget day low is placed at 17353, which coincides with 200 days SMA support in Nifty. Nifty Midcap Index has got strong support at 29800, derived from horizontal trend line on the medium-term charts. Nifty Small cap Index has got crucial support at 9150 odd levels. Breaking of these supports in Mid and Small cap indices could intensify the selling in the broader markets.

Cash segment turnover continued to remain on lower side, as NSE cash segment volumes were lowest since 15-June-2022. All the sectoral Indices ended in the red except Nifty Pharma. Nifty Metal and PSU bank Indices fell the most.

Today, it is going to be a data heavy day in US markets. Data on personal income and spending for January, Housing data and University of Michigan Consumer Sentiment Index for this month are schedule to be released today. Outcome of these data points will drive US markets today and impact global markets next week.

Source : Equity Bulls

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