07 Apr , 2022 By : Kanchan Joshi
Benchmark BSE Sensex tumbled 566 points to close below the 60,000-level on Wednesday, extending its losses for a second day. The index tanked 566 points to settle at 59,610 whereas Nifty plummeted by 0.83% to close at 17,807 on Wednesday.
Asian markets declined on Thursday whereas SGX Nifty indicates a gap-down start for the Indian stock market today. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.
“Most of the power utilities stocks have been in action recently as rising temperature across the country led to a sudden increase in power demand. Also consumer durable have been in limelight on account of increase in demand for ACs while hotel stocks saw demand led by uplifting of travel restrictions and onset of vacation. Markets have been witnessing some jittery after recent gains and have turned into a consolidative mode. Volatility is likely to be seen in interest sensitive stocks as investors await RBI policy meet outcome," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Index levels to watch
“The short term trend of Nifty seems to have reversed down and the downward correction is on the way. There is a possibility of further weakness in the market down to 17,600 levels in the next few sessions. Confirmation of bearish Island Reversal could open more downside for the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Going forward, immediate recovery from the current level is expected. However, failure to hold above the lower band of the rising channel may trigger selling pressure in the market. On the lower end, support is visible at 17,750 below which the Nifty may drift down towards 17,450 over the short term," said Rupak De, Senior Technical Analyst at LKP Securities.
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