Nifty plunged 1.53% to close at 17554, lowest since 21-Oct-2022

View on Market Performance - Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

Nifty continued its southward journey for the fourth day in the row on the back of weak global cues and plunged more than 1.5% on Wednesday to close at 17554, lowest close since 21st Oct 2022.

BankNifty fell for the 5th consecutive session to close at 39996. Both Nifty and BankNifty indices have breached their respective 200 days EMA on closing basis. NSE Turnover continued to remain on the lower side despite heavy selling in the stocks. Advance Decline ratio stood at 0.38, which is lowest since 27th January 2023. All Sectoral Indices ended in the red. Nifty Metal, Media and PSU banks fell the most.

By closing below 17604, Nifty has made fresh lower bottom on the daily line chart, which indicates continuation of a bearish trend. Support for the Nifty is seen at 17353, which happens to be budget day low. Previous support of 17719 is expected to act as a resistance going forward.

Source : Equity Bulls

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