Here are 10 updates from Indian markets:
1) “14200-14250 was a key support which the market disrespected in a jiffy. The fall thereafter has happened on the back of very high volumes. We could slide further to test 13,600,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
2) “If we are unable to hold that level, we could fall more towards 13100-13200. As of right now, any up move can be utilised to short the Nifty. The resistance on the upside is at 14400-14500,” he added.
3) Among the Sensex stocks, PowerGrid, HUL, Tech Mahindra, Kotak Bank and HDFC Bank were down between 2% and 3%.
4) Asian markets were lower today following Wall Street’s biggest one-day selloff since October.
5) Adding to caution, the Federal Reserve said Wednesday it would keep its low interest rate policies in place, but it also released a sobering assessment of the gradual recovery ahead.
6) Analysts say that investors will likely focus on the pace of vaccinations around the globe while also keeping an eye on the progress of President Biden’s fiscal rescue plan that may be facing some roadblocks in the US Senate.
7) “Markets, globally, have turned weak following the steady decline in the mother market US. The heightened speculative activity in certain segments in US markets have become an area of concern. Back home, in India, the third day of consecutive selling by FIIs ( ₹1688) have turned the market mood bearish,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Indian stock market fell sharply today to extend losses today to the fifth day. The Sensex fell as much as 588 points today to 46,821 at day’s low, losing nearly 3,000 points in a selloff amid weak global markets. The Nifty was down about 1% to 13,834. However, the broader markets were today under lesser pressure with BSE midcap and smallcap indices trading flat in noon trade.
Here are 10 updates from Indian markets:
1) “14200-14250 was a key support which the market disrespected in a jiffy. The fall thereafter has happened on the back of very high volumes. We could slide further to test 13,600,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
2) “If we are unable to hold that level, we could fall more towards 13100-13200. As of right now, any up move can be utilised to short the Nifty. The resistance on the upside is at 14400-14500,” he added.
3) Among the Sensex stocks, PowerGrid, HUL, Tech Mahindra, Kotak Bank and HDFC Bank were down between 2% and 3%.
4) Asian markets were lower today following Wall Street’s biggest one-day selloff since October.
5) Adding to caution, the Federal Reserve said Wednesday it would keep its low interest rate policies in place, but it also released a sobering assessment of the gradual recovery ahead.
6) Analysts say that investors will likely focus on the pace of vaccinations around the globe while also keeping an eye on the progress of President Biden’s fiscal rescue plan that may be facing some roadblocks in the US Senate.
7) “Markets, globally, have turned weak following the steady decline in the mother market US. The heightened speculative activity in certain segments in US markets have become an area of concern. Back home, in India, the third day of consecutive selling by FIIs ( ₹1688) have turned the market mood bearish,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
8) “The budget uncertainty will keep the bulls in restraint. On the positive side, Fed affirming the continuation of accommodative monetary policy and bond purchases of $ 120 billion every month ensures adequate liquidity for markets. In brief, a confuse set of market signals,” he added.
9) India VIX however fell 2% to 23.87.
10) “Since the much awaited correction has come before the event (Budget), things have become extremely tricky now. It would be difficult for both counter parties (Bulls and Bears) to carry their positions on the event day as both would find themselves stranded at the middle of the ocean,” said Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking.
