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Wednesday turned blood red for Indian markets as the Sensex and Nifty 50 tumbled more than 1%, led by a broad sell-off on renewed fears of a Covid outbreak in China, the US and elsewhere. India has stepped up measures to ensure the latest coronavirus threat does not wreak havoc in the country. The severe crash even plunged the Sensex below its 61000 mark before correcting while the Nifty 50 struggled to reach 18200 levels. This would be a second straight day drop in Indian benchmarks. After hitting an intraday low of 60938, Sensex closed down 635 points at 61067. Meanwhile, Nifty 50 lost 186 points, to end at 18199 after falling to 18162. On the lower end, the index could extend the correction towards 18000; below that, the index could fall towards 17800. On the upside, 18400 could act as a critical support and the market could continue selling until the Nifty stays below 18200. The Banknifty Has Formed A Bearish Engulfing Pattern Intraday Chart, which is a bearish pattern. Immediate support for the indices on the downside lies in the 42500 - 42300 range and failure to sustain above will result in further selling pressure towards the 41500 level
Resistance: 18300, 18450, 18550
Support: 18250, 18150, 18050
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