JSW Energy shares fell 2.27% to Rs 249.65 after the corporate’s board authorised the allotment of 25,000 non-convertible debentures (NCD) on a non-public placement foundation to boost Rs 250 crore. On October 28, 2022, the board additionally authorised the NCD difficulty for the elevating of funds as much as Rs 2,500 crore by means of non-public placement.

“The full achievement of the 16930 target, as well as the proximity of the lower extremity of a multi month trend channel, encourages us to look at reversal chances. Whilethe closing hour yesterday did not leave any false hopes of recovery, the previous day had a similar trading pattern, albeit with similar peak, but lower low. This Amplifies the positive divergences that have been persisting for a while now, setting up a recovery rally towards 17470. Alternatively, inability to clear 17185 or inability to float above 17030 will allow the 16800 trajectory to continue,” stated Anand James – Chief Market Strategist at Geojit Financial Services.  

“Bank Nifty’s little support is located between 38400 and 38500, while immediate resistance is located between 39800 and 40000 levels,” stated Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.

“Bank Nifty failed to capitalise on the early gain as the index closed below the previous session’s low at the end of a volatile session. The index has sustained below the critical short-term moving averages on the daily chart. The momentum indicator is in the bearish crossover. A fall below 39000 may trigger further corrections towards 38800/38500. On the higher end, resistance is visible at 39500,” stated Rupak De, Senior Technical Analyst at LKP Securities.

Bank Nifty first assist at 38849 after which 38504 and resistance at 39798 and 40401, based on Rahul Sharma, JM Financial.

“On daily charts, the Nifty has moved from the middle Bollinger band to the lower Bollinger band, and further declines are expected. Bears will be in command up till Nifty doesn’t cross 17000 levels and maintain 17000. Small support can be found between 16750 and 16800, and immediate resistance can be found between 17250 and 17300,” stated Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.

“Nifty has achieved our short term target of 16950 and hence we revise it downwards to 16750 which is the previous swing low. On the hourly charts, we can observe a positive divergence developing however it needs to be confirmed by a daily positive close and hence we shall assign more weightage to the price action as of now and continue to maintain our negative outlook on the index,” stated  Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

“The decisive breach of the 17000 mark undoubtedly dented the sentiments, but as we allude to our previous commentary, the 16900-17000 odd zone is expected to cushion the fall. And we remain hopeful till the market withholds the range. On the higher end, 17200-17250 is expected to act as an immediate hurdle, followed by the sturdy wall of 200 SMA, placed around 17400-17450 in a comparable period,” stated Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.

“Nifty has failed its bullish harmonic pattern and closed well below its potential reversal zone. The index is trading below its 9 & 21 EMA and the slope of the averages has tilted lower. The overall trend remains bearish as prices are trading in a lower low formation and a sell-on rally should be the right approach in this market. The support for the Nifty is placed at around 16,800 – 16,750 levels and resistance is capped at 17,300 – 17,350 levels,” stated Rohan Patil, Technical Analyst, SAMCO Securities.

“On the lower end, the Nifty neared the lower band of the falling channel. Going forward, 16950 will likely act as crucial support on a closing basis for the index. Only a close below 16950 may trigger a further correction. On the higher end, resistance is visible at 17150-17200,” stated Rupak De, Senior Technical Analyst at LKP Securities.

Nifty first assist at 16937 after which 16848 and resistance at 17190 and 17353, based on Rahul Sharma, JM Financial.

Bank Nifty fell 102.95 pts or 0.26% to 38,948.55.

The BSE Sensex fell 120.07 pts or 0.21% to 57,435.83 and NSE Nifty 50 fell 34.00 pts or 0.20% to 16,938.15.

Domestic indices ended the pre-opening session flat. The NSE Nifty 50 rose 22.50 or 0.13% to 16,994.65 whereas BSE Sensex fell 45.1 pts or 0.08% to 57,510.80.

“Bad news has shifted from the US to Europe. The refusal of Credit Suisse’s largest shareholder Saudi National Bank to infuse more equity sent the stock plummeting by 30% thereby impacting the European Bank Index which sharply corrected by 8.4%. Since all banks are interconnected, fears of banking contagion are impacting markets. It is important to understand a few facts. One, Credit Suisse has been going through problems for more than a year now. Other European large banks are strong. Two, the crisis in a few US regional banks are unlikely to impact the large US banks and the US financial system. The central banks, treasuries and Deposit Insurance Corporations are moving fast to contain the problem which is likely to be contained shortly. There are no serious fundamental issues like those during the 2008 financial meltdown. Investors should not panic and wait for this storm to pass. Safety is in fundamentally strong large caps,” stated V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Even as the entire Asian pack is reeling in the red, Indian equity markets are likely to see a gap-up opening in Thursday trades. Intra-day, the markets may continue to witness bouts of volatility owing to chaos in the global financial sector after the problem at Swiss bank Credit Suisse came to the fore even as investors were coming to terms post the fallout of the US-based Silicon Valley Bank and Signature Bank. Hence the trading theme revolves around the dramatic spreading of the banking crisis. The ongoing brutal pessimism can also be blamed on relentless selling by FIIs camp, with overseas investors selling local shares to the tune of Rs 1,271 crore on Wednesday. Technically, Nifty’s biggest hurdles are at its 200-DMA at 17447 mark, while immediate support is seen at 16601 mark,” stated Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Asian markets had been buying and selling decrease with China’s Shanghai composite index falling 0.28%, Japan’s Nikkei 225 plunging 1.12%, Hong Kong’s Hang Seng tanking 1.65% and South Korea’s KOSPI dipping 0.04%.

The Nifty futures on the Singapore Exchange had been buying and selling 52 pts or 0.31% increased at 17,026.00 within the early morning commerce.