Key Highlights
- On Tuesday, the Nifty 50 and Sensex experienced declines of approximately 1.4% and 1.3%, respectively, marking their largest single-day percentage loss in over eight months and resulting in their lowest closing positions in more than three months.
- Nifty 50 has broken the previous swing low of 25,473 levels and with that it confirms the next leg down which will taken the Index to 25,000 levels which is the next support on the lower side.
- Now, on the upside 25,500 and thereafter 25,700 will act as a critical resistance and until these levels are not taken off the short-term trend will be lower.
- The broader markets have also corrected quite sharply with Nifty Midcap Select also breaking its critical 13,500 support and below that the next target comes to 13 ,000 and 12,800 levels.
- The BankNifty below 59,500 has no major support until 58,500 whereas Nifty Financial Services has broken down from its critical support of 27,300 levels and below this the target on the lower side 26,800, so the overall trend across the market is down, hence bounce should be utilised as a selling opportunity.
