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Investors sold off metals, power and oil & gas stocks on concerns about a weak global economic growth outlook that caused major benchmark indices to plummet. Traders are concerned that central banks in the major developed economies could raise interest rates further to dampen rising inflation, which could weigh on growth and lead to further outflows of foreign funds from emerging markets, including India. Market ended Tuesday lower as headline indices gave up all gains in the final hour of trading. The Sensex closed 105 points lower at 54364 points, while the Nifty closed 61 points lower at 16240. Bank Nifty outperformed, closing 0.60% higher while India VIX stayed above 22. Tata Steel was the worst-performing Sensex stock on Tuesday, down 7.22%, followed by Sun Pharma and NTPC. Hindustan Unilever was the top performer, up 3%. Asian Paints, IndusInd Bank and Ultratech Cement were some of the other winners. Technically, after a subdued opening market, the Nifty rallied intraday but once again found resistance near 16405 and corrected sharply thereafter. On intraday charts, the index is still holding a lower top formation, which is largely negative for the market. For traders, 16175 would be the key level to watch out for and below there is a strong possibility of a quick intraday correction to the 16150-16050 levels. Above the 16350 level, a renewed pullback rally is not ruled out and above that, the index would retest the 16450 -16500 level.
Resistance: 16300, 16350, 16400
Support: 16250,
16200, 16150
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