More

    Sensex, Nifty Crash Big Time, PSU Banks Lone Survivor

    Sensex gave a shock to investors today, taking a deep dive southwards. While Sensex ends 1,024 pts lower, Nifty shaved down to 17,250.

    Markets witnessed a sharp sell-off and investors cut their exposure in financial and banking stocks ahead of the RBI credit policy to be announced later this week. There are expectations that the RBI may tinker with policy rates given the worries of a likely rate hike in the US and rising bond yields.

    The sharp fall in the BSE and NSE market can also be attributed to persisting selling by the FIIs.

    Sensex and Nifty in Red, Public Sector Banks Survives the Crash

    Technically, the Nifty has formed a bearish candle and closed below the 50 day SMA. The index has completed one leg of correction and now 17100 would be the immediate support level. Above the same the market is likely to move up to 17300-17400. On the flip side, dismissal of 17100 may trigger further correction up to 17050-17010 levels.

    The Sensex had a weak start and selling was accentuated throughout the session, as the index closed the session at the 17213.60 level with a loss of 302.70 points. The Bank Nifty ended the session at 37995.45, a loss of 793.90 points.

    On the technical front, the Nifty has been trading with lower highs and lower lows formation for the last three trading sessions, which points out weakness in the counter for the time being. Furthermore, the index has given a breakdown of the rising trend line and sustained below the same, as well as trading below the middle band of Bollinger, which suggests downside movement in the counter.

    On an hourly chart, the index has been trading below 21*50-HMA with a negative crossover, which suggests weakness for the next session. Moreover, the daily momentum indicators, stochastic and MACD, are also trading with a negative crossover, which adds weakness in prices.

    Share

    Latest Updates

    Related Articles

    Anthony Albanese Takes Over as Australia’s New PM, Promises a “journey of change”

    Anthony Albanese, the leader of Australia's Labor Party, was sworn in as the country's...

    French Open: Alcaraz Smashes Out Lorendo to Enter Round Two

    Carlos Alcaraz, a 16-year-old wonder, defeated Argentine lucky loser Juan Ignacio Londero 6-4, 6-2,...

    IPL Record Batsman Shikhar Dhawan bowled out from Team India

    Shikhar Dhawan lost his place in Team India, despite not being selected for the...

    Ankiti Bose Sacked by Zilingo on Charges of Financial Wrong Doing

    Ankiti Bose, Zilingo's co-founder and CEO, has been sacked after the company's board suspended...