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Blood bath in the markets, Sensex sheds 770 points

Bhagyashree Vivarekar
/ Categories: Mindshare, Markets
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Blood bath in the markets, Sensex sheds 770 points

Indian benchmark indices witness a free fall, both Nifty and Sensex shed 240 and 770 points, respectively. After hitting all-time high on January 29, benchmark indices tumbled nearly 3.5 per cent in just four trading sessions. On Friday, Nifty and Sensex fell 2 per cent each. Broader markets tumbled further with Midcap and Smallcap falling 3.3 per cent and 4.2 per cent, respectively. On the sectoral front, barring FMCG which is flat to positive, all other sectors have plunged badly with Realty at the forefront with 6 per cent. The impact of poor Union Budget followed by weak Q3 results led to the fall in the markets.

Technically, Shooting star like pattern on January 29 led to the correction in the markets. Rising volumes and oscillators’ reversal from the overbought zone supported the fall.   On the weekly time frame, the benchmark indices are on the verge of firming a Bearish Engulfing pattern, the confirmation of which would be in the next week. Going forward, we hold 10735 followed by 10600 as the next support levels for the Nifty. In case of a bounce back, we hold 10875 followed by 10930 as the resistance level for the Nifty.

Profit booking or sell-off seems to the preceding sentiment in the market.

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