After The Bell: Nifty closes flat! What should investors do on Tuesday?

Indian market failed to hold on to gains as the market closed with marginal gains on Monday. The Nifty50 ended flat while the S&P BSE Sensex managed to close above 60,000 levels.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 29 points while the Nifty50 was up 1.9 points to close at 17,855.

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Sectorally, buying was seen in sectors like auto, realty, energy, as well as oil & gas space while selling pressure was visible in IT, healthcare, and FMCG stocks. On the broader markets front – the S&P BSE Mid-cap and the Small-cap indices closed flat.

Experts are of the view that there could be a possibility of some consolidation, but the overall structure remains positive. For Tuesday, 17900-18000 would act as crucial resistance while support seen at 17500-17650 levels.

We have collated a list of views from various experts as to what should investors do on Tuesday:

Expert: Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd

The short-term trend is still positive. For day traders, the 17900 levels could be the immediate hurdle, and below the same, the correction wave could continue up to 17750-17710 levels.

On the flip side, if the Nifty moves above 17900, the uptrend continuation formation is likely to continue up to 17950-18000 levels.

Expert: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The index formed another small negative candle was formed on the daily chart with minor upper and lower shadows. Technically, this pattern indicates a consolidation movement in the market for the last two sessions post-sharp-up move of Thursday.

The short-term trend of Nifty continues to be range bound. This consolidation movement could continue for the next 1-2 sessions before showing the upside breakout of the range movement.

A decisive move above 17950 is likely to open the next upside of 18200 levels in the near term. Important lower support is placed at 17650.

Expert: Rahul Sharma, Co-Founder, Equity99

Markets are expected to consolidate in the coming days, we expect the banking index to show some moves along with Automobiles. The level of 17820 will act as a major support on breaking which 17750 & 17700 levels are possible.

On the upper side, 17950 will act as a major resistance on breaking which 18000 is possible. Sector to focus on Tuesday are Automobiles, Metals, Banks, Paper & Realty.

Expert: Deepak Jasani, Head of Retail Research, HDFC Securities

The broader market is seeing a lack of buying/participation while the large-caps are seeing rotational buying with Auto coming back in favour while IT going out.

However, large-scale sell-off is not yet seen in the markets and hence hopes of Nifty touching the 18000 level over the next few days still remains alive.

Expert: Rohit Singre, Senior Technical Analyst at LKP Securities.

The index managed to close a day at 17855 & formed a bearish candle for a second consecutive day. A strong base is formed near 17800-17740 zone holding above said levels we may see northward movement to continue.

Any dip around said levels can use as to add fresh longs with keeping stop out level below 17700 zone, the strong hurdle is coming near 17930 followed by 18k mark where one can look for to lock their long gains.

(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)