Benchmark indices NSE Nifty 50 and BSE Sensex tanked over 1% and ended Wednesday’s session in the red zone. The NSE Nifty 50 sank 207 points or 1.05% to 19,526.55, and the 30-share Sensex tanked 676.53 points or 1.02% to 65,782.78. Among the broader market indices- Nifty Next 50 sank 1.35%, Nifty 100 fell 1.08%, Nifty Midcap 50 plunged 1.40%, and Nifty Smallcap 100 sank 1.58%. The volatility index, India VIX soared 9.67%. In sectoral indices, Bank Nifty tumbled 596.80 points or 1.31% to 44,995.70, Nifty Auto plunged 1.66%, Nifty PSU Bank sank 2.61% and Nifty IT fell 0.81%. The top gainers on Nifty 50 were Divis Laboratories, Nestle India, Hindustan Unilever, Asian Paints and Tech Mahindra while the losers were Hero Motocorp, Tata Steel, Tata Motors, Bajaj Finserv and NTPC.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty 50 support at 19500; resistance at 19600
“Nifty’s recent slip below its consolidation indicates a bearish sentiment. The index has also dropped below the 21EMA, reinforcing the bearish outlook. The RSI is signaling a bearish momentum for the future. On the downside, support is observed at 19500, a decisive fall below 19500 may create further negativity; while resistance is seen at 19600,” said Rupak De, Senior Technical analyst at LKP Securities.
Bank Nifty has support at 44600-44500 levels
“The Bank Nifty index faced a bearish scenario as the bears took control, resulting in a breakdown from a rising trendline accompanied by increased trading volumes. Currently, the immediate resistance level for the index is at 45,200. If the index manages to break above this resistance, it could potentially trigger some buying activity in the market. On the downside, the index has the next support at 44,600-44,500 levels. If the index holds above this support zone, there is a possibility of witnessing some buying interest, leading the index toward the 45,000 level,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.