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Markets started the week subdued in continuation of the prevailing consolidation phase and ended the session with a significant loss of almost two percent. After a gap down open amid weak global cues, the benchmark trades bearish throughout the day. Lower-than-expected results from heavyweights such as Infosys and HDFC Bank also weighed on sentiment. Consequently, the Nifty closed 1.7% lower at 17173 levels. The broader mid-cap and small-cap markets also ended lower, down 1.1% and 1.3%, respectively. Sector indices showed a mixed trend with IT and Banking being the biggest laggards while Auto, FMCG and Energy were the winners. We believe global clues as well as the outcome of the Q4 results will continue to add additional volatility in the coming sessions. As such, we remain cautious on the markets and recommend traders to hedge their position. The Nifty index gapped down on the weak global cues and settled at 17173 down 1.73%, while the Bank Nifty index ended at 36729 down 1.96%. The India VIX market volatility index rose 9% on the day.
On the derivatives side, the highest call option OI is 17300/17350/17400 strike followed by 17450, while on the put side, the highest put OI is 17100 strike followed by 17000. Technically, the index formed a doji candle on the daily chart, but closed below the middle Bollinger Band formation and the 100-day exponential moving averages, suggesting bearish moves for the coming day. One indicator, MACD & Stochastic, saw a negative crossover on the daily time frame, supporting the bearish sentiment. Currently the index has support at 17050 while resistance lies at 17250. On the upside, Bank Nifty has support at 36400 while resistance lies at 37500.
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