Volatile session on Dalal Street ! Nifty closes around 22,300, Sensex below 73,700 but pressure across broader market continues

financialexpress.com:

The benchmark equity indices Nifty 50 and Sensex ended Tuesday’s trading session in positive territory. The Nifty 50 closed 3.05 points higher to settle at 22,335.70 points. While S&P BSE Sensex closed 165.32 points higher to settle at 73,667.96 points. Nifty Bank pulled back 45.45 points or 0.10% to settle at 47,282.40.

On the sectoral front,Healthcare and PSU bank stocks fell most among their peers. Similarly, the broader indices underperformed, with smallcap and microcap stocks bleeding the most. The Nifty Midcap 100 slid 687.80 points or 1.41% to finish the day’s trading at 48,086.85. 

The losers include Adani Enterprises, Cipla, Grasim Industries, Adani Ports, and SBI. The Indian Volatility Index (India VIX) closed 2.64% lower. 

The Nifty witnessed an extremely volatile day of trade today. In the intraday, it witnessed a swing of – 200 points but still managed to close marginally in the green. 

“On the daily charts, we can observe that the Nifty is rangebound between 22200 – 22600 since the past seven trading sessions. On the downside, multiple support parameters in the form of the 20-day moving average (22199) and the previous swing low (22224) are likely to absorb the selling pressure and provide a cushion in case of a decline. On the upside, 22500 – 22550 shall act as an immediate hurdle,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Also, the Bank Nifty tested the 20-day moving average of 46900 and witnessed a decent pullback to close in off the intraday lows though on a negative note. Crucial support for Bank Nifty is placed at 47000 – 46900 while resistance is placed in the zone 47820 – 48000, Gedia said.

The broader market witnessed deep cuts today with the midcap index closing in