Bear Grip Tightens on D-Street! Nifty Dips Below 24,000. Is a Deeper Correction Looming?

Why Did the Stock Market Fall Sharply Today? 3 Big Reasons and Short-to-Mid-Term Outlook for Nifty. The stock market witnessed a significant downturn today, leaving investors concerned about its trajectory. Kush Ghodasara, Market Expert, explains the three main reasons behind the fall: 1. Technical Resistance: Nifty encountered a crucial resistance at the 24,400 mark, corresponding to the 15-week moving average. This level, along with the retracement from the previous fall (26,000 to 23,200), confirms that the recent rally was driven by short-covering rather than long-term buying interest. 2. Weak Global Cues: Global markets remain under pressure, with IT stocks undergoing corrections and futures showing signs of weakness. The global sentiment continues to weigh on Indian equities. 3. Fundamental Concerns: On the domestic front, auto stocks, which performed exceptionally well over the last three years, are now facing challenges due to an unsustainable growth rate. Additionally, DIIs are reducing their participation in the cash segment, indicating a loss of confidence. Short-to-Mid-Term Outlook: For short-term traders, Kush Ghodasara advises selling below 23,600 with a target of 24,400 while avoiding trades in this range. For long-term investors, any dip below 23,600 could be a good opportunity to accumulate blue-chip stocks steadily and without greed. Watch Business Today TV’s expert-driven analysis for actionable insights on navigating market volatility and strategies for building your portfolio.