Sensex, Nifty tank amid global sell-off; are bears in control on Dalal Street now?


Sensex, Nifty todayHDFC Bank dipped 3.34% to end as the worst Sensex performer of the day, followed by IndusInd Bank, Axis Bank, HDFC, and Maruti Suzuki India.
(Image: REUTERS)

S&P BSE Sensex and NSE Nifty 50 got off to a shaky start to the week as bears clutched Dalal Street and forced indices lower. On the closing bell, Sensex was down 1.10% at 52,553 points while the 50-stock Nifty ended 1.07% lower at 15,752. HDFC Bank dipped 3.34% to end as the worst Sensex performer of the day, followed by IndusInd Bank, Axis Bank, HDFC, and Maruti Suzuki India. Only 5 of the 30 Sensex constituents closed with gains, these include NTPC, up 1.89%, followed by Nestle India, Dr Reddy’s, Sun Pharma, and Ultratech Cement. Apart from Nifty Smallcap 100 index, all broader market indices closed with losses. Bank Nifty ended 1.88% lower while India VIX ended 8% higher.

Vinod Nair, Head of Research at Geojit Financial Services –

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“Shadowing global sell-off, Indian indices slipped succumbing to world inflation woes, FOMC meeting next week and rising covid cases. Banks led the domestic downtrend as initial quarterly results pointed to cautious asset quality due to the impact of the second wave. Slackening economic growth in the US-led to reports of likely downgrade in growth forecast in current year triggering global sell-off.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“Index opened a day with sharp cuts but managed to reduce some losses at the end of the day and closed a day at 15752 with loss of one percent & formed inverted hammer sort of candle pattern on the daily chart. Index again backed in its consolidation area of 15600-16000 zone which hints we may see some more sideways moment going forwards, the index reached to its demand zone of 15700-15600 zone if managed to hold said levels again we may see some swift pullback towards 15800-15900 zone which are immediate hurdle on the higher side.”

Gaurav Udani, CEO & Founder, ThincRedBlu securities –

“Nifty gapped down by over 130 points today over rising covid and inflation figures. Nifty has managed to stay above its key support of 15600, traders are advised to book profits on every rise till the time nifty closes above 16000 levels and exit longs if nifty closes below 15600. Overall it’s a range-bound market and 15600 and 15950 are key support and resistance levels.”

Manish Shah, Founder, Niftytrigger –

“Nifty had a very volatile trading day as the index saw a rollercoaster ride. Nifty opened the day lower by 170 odd points and then we see a Doji. The expected breakout seems to have failed as Nifty has turned back below the 15900-15950. What this means is that Nifty is back within the trading range of 15600-15900. The support for Nifty is at 15600. For Nifty traders, this is a well-established range. Buy around 15600 and sell around 15950. Or wait till there is a clean breakout in either direction.”

Sumeet Bagadia, Executive Director, Choice Broking –

“On the Technical Front, the Index has formed Doji candlestick pattern as well as confirmed Hanging Man Candlestick pattern which suggest negative movement for tomorrow. Moreover, the Index has given closing below 21DMA, which further adds weakness in the counter. Hourly Momentum Indicator MACD is also showing negative crossover which suggests weakness for the next day. At present, the nifty is having support at 15600 level while resistance comes at 15900 levels.”


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