Key levels to watch out for Nifty Bank, Nifty as weakness in Indian markets may continue
The severe carnage wiped out about Rs 9 lakh crore from investors wealth and market participants believe that the sentiments have turned sluggish for Indian equities.
- Oct 23, 2024,
- Updated Oct 23, 2024 9:05 AM IST
Indian stock markets witnessed an intense selling pressure on Tuesday with both the benchmark indices- Sensex and Nifty50- falling more than a per cent each. The pain was severe in the second rung counters with BSE midcap index falling more than 2.5 per cent and the BSE smallcap index crashing 4 per cent in the previous trading session.
Bank Nifty which was holding on but also down and witnessed a sharp selling pressure, said Jatin Gedia, Technical Research Analyst at Sharekhan. "We expect weakness to have a rub off effect on the Banking stocks as well. On the downside, support is placed at 51,000 below which it can slip towards 50,200. On the upside 51,800-51,900 shall act as an immediate hurdle".
Indian stock markets witnessed an intense selling pressure on Tuesday with both the benchmark indices- Sensex and Nifty50- falling more than a per cent each. The pain was severe in the second rung counters with BSE midcap index falling more than 2.5 per cent and the BSE smallcap index crashing 4 per cent in the previous trading session.
Bank Nifty which was holding on but also down and witnessed a sharp selling pressure, said Jatin Gedia, Technical Research Analyst at Sharekhan. "We expect weakness to have a rub off effect on the Banking stocks as well. On the downside, support is placed at 51,000 below which it can slip towards 50,200. On the upside 51,800-51,900 shall act as an immediate hurdle".