Closing Bell: Nifty ends below 17,700, Sensex falls 575 points; eyes on MPC outcome – Moneycontrol

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Ajit Mishra, VP – Research, Religare Broking:
Markets continued to slide for the third straight session owing to weak global cues. After the feeble start, the benchmark recouped losses in the middle however selling pressure in the latter half again pushed the index lower. Consequently, the Nifty index ended down by 0.9% to close at 17,639.55 levels. 
Most sectoral indices ended in the red wherein oil & gas, consumer durables and metals were among the top losers.
Markets will remain volatile on Friday as participants would react to the outcome of the MPC meet. We expect MPC to maintain the status quo on rates however commentary on inflation and growth would be actively tracked. 
On the index front, a close below 17,700 may result in further decline towards 17,550 levels however resilience in the banking pack is certainly positive. Keeping all in mind, it’s prudent to stay light in the first half and let the markets stablise.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:
The Nifty had recently stumbled near the daily upper Bollinger band & a falling trendline drawn from the October high. Thereon, it had a setback for the last three sessions. 
On the downside, it has filled up the recent gap area of 17791-17703 & is approaching lower end of a reverse rising channel, which is near 17550. 
The selling pressure is expected to get absorbed near 17550-17500. The overall structure suggests that the index has stepped into a short term consolidation phase yet again & the consolidation can take place in the range of 17500-18000 over the next few sessions. 

Vinod Nair, Head of Research at Geojit Financial Services:
Volatility increased as the market approached the RBI policy meet outcome. The latest sectoral outperformers like metals, power and oil & gas sectors were the most hit including mid & small caps. 
If announcements are in-line with market expectations, like rates being unchanged, inflation forecast moderately increased and robust economic outlook maintained, then the market will trade positively considering corrections during the week and falling crude prices or else challenges will prevail.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
Negative sentiment continued for the third straight session as the US Fed's hawkish stance has raised concerns of steeper interest rate hikes going ahead while investors also trimmed their positions ahead of RBI policy, although most of the experts believe the MPC may maintain status quo on policy rates. 
The fall was largely due to profit taking in Reliance Industries and other energy stocks amid volatility in global crude oil prices. 
Technically, on intraday charts the Nifty is still holding lower high series formation and has also formed a bearish candle which is largely negative. 
However, in the last three days the index has corrected over 475 points and after a short term correction, it is currently trading near the important retracement support level. 
The market has completed one leg of correction and there is a strong possibility of a quick intraday relief rally if the index trades above 17720. Above the same, the index could move up to 17800 -17850.

Rupak De – Senior Technical Analyst at LKP Securities:
Nifty has fallen from the rising channel on the daily chart which suggests a waning bullishness. 
The daily RSI is in a bearish crossover. The trend looks negative for the near term. 
On the lower end, support is visible at 17,450 whereas resistance is seen at 17,750-17,800.

Palak Kothari, Research Associate at Choice Broking:
Technically, the Nifty index had tested a resistance at the upper Bollinger Band formation and traded below it that suggests weakness in the counter. Moreover, the index has also covered the weekly gap and moved below the prior week close. 
A momentum indicator RSI has turned lower from the overbought territory. However, an indicator MACD is still showing positive crossover on the daily scale. 
On a four hourly chart, the index has formed a Bearish Marubozu candlestick, indicating bearishness for the coming day. 
At present, the index is having support at 17,430 levels while resistance is placed at 17,800 levels. On the other hand, Bank Nifty has support at 36,850 levels while resistance at 38,000 levels.

Kunal Shah – Senior Technical & Derivative Analyst at LKP Securities:
The Bank Nifty index ahead of the RBI policy remains subdued with major selling pressure continuing from HDFC bank. 
The index needs to close above 38000 level for resuming the uptrend. A clear direction will be visible once the policy is announced.

Rupee Close:
Indian rupee ended 21 paise lower at 75.96 per dollar against Wednesday’s close of 75.75.
Market Close: Benchmark indices ended lower for the third consecutive session on April 7 ahead of RBI policy outcome tomorrow.
At Close, the Sensex was down 575.46 points or 0.97% at 59,034.95, and the Nifty was down 168.20 points or 0.94% at 17,639.50.  About 1678 shares have advanced, 1644 shares declined, and 102 shares are unchanged. 
Adani Ports, Titan Company, HDFC, Power Grid Corp and ONGC were among the top Nifty losers. Axis Bank, Divis Labs, HUL, Dr Reddy's Laboratories and ICICI Bank were the top gainers.
Except pharma, all other sectoral indices ended lower. BSE midcap and smallcap indices ended in the red.
Foreign investors net bought metal stocks and tobacco stocks worth more than $1 billion in March
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