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.


    Latest Updates

    Related Articles

    Budget 2023: Saptarshis Guiding India Through Amrit Kaal, Big Tax Relief for the Middle Class

    New Delhi, India, Budget 2023 - The Finance Minister of India, Smt. Nirmala Sitharaman...

    2023 Greenko Hyderabad E-Prix: ‘Track is on Track’ – Arvind Kumar IAS

    The preparations for the Formula E 2023 Greenko Hyderabad E-Prix in Hyderabad is at...

    Adani FPO Garner 6% Subscription Despite Hindenburg Turmoil

    Adani FPO, the follow up public offer from the Asia's richest man Gautam...

    PSG in a Big Dilemma after Settling for Draw Against Resilient Reims

    PSG's lackluster run in Ligue 1 continued as they were held to a frustrating...