Sensex falls by 271 points and Nifty dragged at below 15,800 by metals, banks and midcaps

Indian equity indices, Sensex and Nifty ended lower on Wednesday dragged by metals and banking stocks amid mixed global cues. Broader markets, small cap and midcap indices also declined. Barring Nifty FMCG and Nifty IT, all other sectoral indices witnessed selling pressure.

As per the latest report by CNBCTV18, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said that, the short term trend of Nifty seems to possess shattered by Wednesday’s decline. The immediate support of 15,715-15,700 goes to be crucial for the sustainability of the uptrend. A decisive move below this support could confirm trend reversal and also an important top formation at 15,901 levels. Any pullback rallies could find resistance at 15,825-15,850 levels.

Not only the HDFC securities have seen a fall with this the fall is seen in Kotak securities. The executive Vice president Mr. Shrikant Chouhan that,” The market remained during a narrow trading range with a negative bias before the Fed’s meeting within the US. Today, we also saw an enormous drag on the metal index thanks to specific announcement from China on the rise of supply in commodities. After the result from the Fed, we’d like a gap of the market above the amount of 15,830/52,750, which might push the market towards, 16,000/16,100 (53,300) levels. Just in case the market opens lower and breaks the extent of 15,580/51,850, then the probabilities of hitting 15,500/15,430 (51,600/51,400) would turn bright.”

“The major trend of the market is positive, our advice is to feature long positions, if the market fell to major supports within the short term,” he added.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy