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Benchmark indices tumbled for the fourth straight session on Monday, according to weak world equities amid overseas fund outflows. Sensex tanked 953.70 factors or 1.64 per cent to finish at 57,145.22. Nifty fell 311.05 factors or 1.80 per cent to shut at 17,016.30.
Mid-cap and small-cap indices on BSE fell 718 factors and 959 factors, respectively. Banking, auto and metallic shares have been the highest sectoral losers with their BSE indices falling 1,037 factors, 1,157 factors, and 841 factors, respectively.
Market breadth was unfavourable with 611 shares ending larger towards 2,980 shares falling on BSE, whereas 116 shares have been unchanged.
Here is a have a look at what analysts stated in regards to the course the market is prone to take in the present day.
Rupak De, Senior Technical Analyst at LKP Securities
“The momentum indicator is in bearish crossover and falling. The pattern for the short-term appears unfavourable; nevertheless, additional promoting strain could also be seen solely under 17,950, the place the 200 DMA is presently positioned. On the upper finish, fast resistance is seen at 17,300-17,350.”
Prashanth Tapse – Analysis Analyst, Senior VP (Analysis), Mehta Equities
“The road suspects that the Fed shifting so aggressively on fee hikes might trigger a recession. The opposite greatest headwind which inventory markets world over going through is inflation. On this backdrop, buyers await the RBI MPC’s transfer on rate-hike choice this Friday, which might decide the pattern within the medium time period. Technically talking, the largest assist for Nifty to look at can be 16,907 and if the index holds this degree, there’s a brilliant likelihood that Nifty might bounce to 17,451 after which to 17,727 mark.”
Nagaraj Shetti, Technical Analysis Analyst, HDFC Securities
“The short-term pattern of Nifty is sharply down, and the weak point is predicted to proceed for the subsequent 1-2 classes. The decrease assist space of 16,800 is predicted to supply a base for the market within the quick time period.”
Additionally learn: Sensex tanks 953 factors, Nifty ends under 17,100; Maruti, Tata Metal prime losers
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