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Nifty tanks to lowest level in more than a month

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Nifty tanks to its lowest level in over a month

The Nifty closed 1.08 per cent or 238.3 points down at 21,817.5 on Tuesday, with cash market volumes at Rs.0.83 lakh crore. The midcap index fell more than the Nifty, while Asia saw mixed shares after the Bank of Japan raised its benchmark interest rate. The Bank of Japan ended the negative rate policy.

Deepak Jasani, Head of Retail Research at HDFC Securities, stated, “A break of Nifty at 21,745 on the downside could result in an acceleration in the downtrend, while 21,905 could offer resistance on the upside.”

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, mentioned, “After showing a range-bound action in the last few sessions, Nifty witnessed a decisive downside breakout of the range movement on Tuesday and closed lower by 238 points.”

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Shetti added, “The overall chart pattern of Nifty is weak and one may expect further decline in the near term. The next lower levels to be watched are around 21,500 in the next one week. Any rise up to 22,000 could be a sell-on-rise opportunity.”

In the current market scenario, investors need to closely monitor the levels of Nifty to make informed decisions as the market remains volatile. Meeting the resistance levels at 21,905 and anticipating further decline in the near term, investors need to exercise caution and be prepared for potential sell-on-rise opportunities.

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