2 weeks ago

Sensex, Nifty extend losing streak for third session

Sensex, Nifty extend losing streak for third session
Sensex, Nifty extend losing streak for 3rd session · thehansindia.com

The stock market is like a giant scoreboard that shows how well big companies are doing.

India has two famous scoreboards called the Sensex and the Nifty.

For three days in a row, both scoreboards have gone down a little bit.

On Thursday, the Sensex went down a tiny amount and the Nifty went down too.

Market experts are watching a special number, 24,325, as an important floor for the Nifty.

If the market stays above that floor, they believe it can go back up.

Some big heavyweight companies, like a cement company, were sold by investors that day.

But smaller companies actually did a little better.

The Indian rupee also became weaker against the dollar because people wanted dollars.

So overall, the market was cautious and tired, but not falling sharply.

Key facts

Sensex closing
78,079.96 (down 113.61 points, 0.15%)
Nifty closing
24,395.85 (down 40.10 points, 0.16%)
Consecutive losing sessions
3
Nifty technical support
24,325 (20-day SMA + 38.2% Fibonacci retracement)
Nifty resistance levels
24,775, then 24,900
Broader market performance
Nifty MidCap +0.15%; Nifty SmallCap +0.27%
Top sectoral loser and gainer
Nifty Metal fell >1%; Nifty Chemical was top gainer
USDINR outlook
Support at 95.10; resistance at 95.60

Quotes

Analyst

Market analyst commenting on Nifty technical outlook

“As long as the 24,325 support remains intact, the broader uptrend is likely to resume, with the index expected to retest the immediate resistance around 24,775, and a decisive move above that level could open the door for a further advance towards 24,900.”
thehansindia.com

Sources

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