Markets end flat; Nifty50 closes a tad above 17,000 points in a choppy session

• Benchmark index Sensex closed 37 points lower at 57,107 while the Nifty50 lost 8.90 points to reach 17,007.
• Markets are expected to remain volatile the entire week amid fears of global recession and continuing inflation and ahead of RBI policy outcome on September 30.
• All sectoral indices ended in red except Nifty IT, FMCG, energy, media and pharma.

India’s benchmark indices closed flat to negative on Tuesday in a choppy session after a huge sell-off a day earlier.

Benchmark index Sensex closed 37 points lower at 57,107 while the Nifty50 lost 8.90 points to reach 17,007.

“The benchmark indices witnessed a volatile trading session…Among Sectors, profit booking continued in metal and financial stocks, both indices registered profit booking at higher levels. whereas, some buying was seen in selective pharma and IT stocks. Technically, after a sharp fall, the index opened in the green but corrected sharply. After early morning sell-off, the index witnessed range bound activity,” Shrikant Chouhan, head of equity research (retail) at Kotak Securities said.

The markets are expected to remain volatile the entire week amid fears of global recession and continuing inflation and ahead of RBI policy announcement on September 30.

It is also widely expected that the RBI would follow the Fed’s lead and raise interest rates on Friday. RBI has already raised interest rates by an overall 140 basis points three times in a row.

In the morning trade, Sensex opened 0.74%, or 440 points, higher at 57,579 while the Nifty50 gained 0.72%, or 125 points, to hit 17,142, tracking global markets.

On Tuesday, the rupee was trading at 81.57 against the dollar. A day earlier, the rupee had touched a new low of 81.73 due to monetary policy tightening by central banks worldwide and on concerns about India’s record trade deficit.

All sectoral indices ended in red except Nifty IT, FMCG, energy, media and pharma.

The Fun begin on $NIFTY50.NSE Nifty has been in the the range of 17200-17900 on closing basis since almost 2 months but finally the silence has been breached out on the downside. Today we saw massive sell-off and also we tested 200 day average in the morning. But more interestingly we have spotted a double top breakout at the neck line of 17177 which is a bullish reversal pattern. Now that neckline can act as your near term stop loss while target are activated at 16400-16500 which is arrived by calculating the height of Top to neck line. Though hedge your naked short positions with 18000 CE of 27th October. ! Stay blessed my bulls!

— (@Kushghodasara) September 26, 2022

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