Live
- 10 Tried-and-Tested Home Remedies for Toothaches
- Thila Taila Abhishekah Pooja to Lord Shaneswara
- Sudheer Babu’s ‘Harom Hara’ set to release on this auspicious day
- Priyanka Gandhi says BJP talking of 'tinkering' with Constitution with PM’s nod
- Vishwak Sen unveils gritty avatar as ‘Lankala Rathna’ in ‘Gangs of Godavari’ teaser
- ‘Kalki 2898 AD’ locks release date; film to entertain audience from June last week
- LS polls: PM Modi says BJP-NDA leading 2-0 after first two phases
- Plea in Madras HC seeks special polling arrangement for names 'missing' from Coimbatore voter list
- Ex CM KCR Bus tour on 4 th day
- Youth National Games 2024 kick-start in Delhi; over 5,000 athletes from 15 states vying for top honours
Under selling pressure through the week, Nifty falls 2.8% from all-time high
Nifty experienced consistent selling pressure throughout the week, resulting in a decline of 2.80 per cent from its all-time high, said Rupak De, Senior Technical analyst at LKP Securities.
New Delhi: Nifty experienced consistent selling pressure throughout the week, resulting in a decline of 2.80 per cent from its all-time high, said Rupak De, Senior Technical analyst at LKP Securities.
This recent correction has caused it to dip below the critical 21-day Exponential Moving Average (21EMA). The sentiment appears bearish at this point, with a key support level identified at 19,600, De said.
A breach below 19,600 could potentially initiate a more significant market correction. On the upside, 19,800 is expected to serve as a resistance level, he added.
Vinod Nair, Head of Research at Geojit Financial Services, said domestic markets closed on a sombre note as mixed cues from US and Asian markets weakened domestic investors’ confidence.
The Nifty 50 dropped 70 points on Friday to close at 19,674 , while the Sensex fell 221 points to end the week at 66,009.
Nevertheless, PSU bank stocks outperformed as India's inclusion in JP Morgan's Government Bond Index led to a decline in bond yields, Nair said.
A broad basis, risk-averse sentiment prevailed due to the ongoing ascent of US bond yields and concern over higher rates for a prolonged period, he added.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said the prevailing sentiment in the Bank Nifty index remains bearish. As a result, it's advisable to maintain a "sell on rise" approach. The next immediate support is seen in the 44,500-44,400 range.
