2 days ago
Nifty Expiry Faces Pressure; Key Support Levels Draw Focus
The Nifty and Sensex fell on Tuesday as investors became worried.
Tensions involving the Middle East raised concerns about the world economy.
Oil prices were also high, with Brent crude near $97 per barrel.
Investors were additionally concerned that the US Federal Reserve might raise interest rates.
Because it was Nifty expiry day, trading could be more active and prices could move quickly.
Analysts said the Nifty needs to stay above 23,650–23,700 to avoid further weakness.
If it falls below that area, it could move toward 23,550.
If it rises above resistance levels, a short-term rebound could happen, but analysts still described the outlook as cautious.
The Sensex fell 436 points and the Nifty declined 122 points during Tuesday’s session.
Middle East tensions, crude oil near $97 per barrel and US rate-hike concerns weighed on sentiment.
Analysts identified 23,650–23,700 as immediate Nifty support and 23,950–24,000 as resistance.
A sustained break below 23,650 could expose the Nifty to 23,550, while a move above 23,800 may support a rebound.
Nifty options data showed open-interest peaks at the 24,000 Call and 23,500 Put, with a PCR of 0.68.
- Who
- Indian benchmark indices, traders, institutional investors and market analysts including V K Vijayakumar, Hitesh Tailor, Rajesh Palviya and Shrikant Chouhan.
- What
- The Nifty and Sensex declined on Nifty expiry day, while analysts assessed immediate support and resistance levels.
- Where
- Indian equity markets.
- When
- Tuesday, September 8, during the Nifty expiry session.
- Why
- Markets were pressured by Middle East geopolitical tensions, elevated crude prices, concerns about a possible US Federal Reserve rate hike and institutional selling.
Key facts
- Sensex low
- 75,697.02, down 436 points or 0.56% intraday
- Nifty low
- 23,657.15, down 122 points or 0.5% intraday
- Immediate Nifty support
- 23,650–23,700
- Next support
- 23,550
- Immediate resistance
- 23,950–24,000
- Options positioning
- Open-interest peaks at the 24,000 Call and 23,500 Put; PCR is 0.68
- Crude price
- Brent crude futures were around $97 per barrel
Quotes
V K Vijayakumar
Chief Investment Strategist at Geojit Investments Limited
“Since the macro construct which contributed to this downtrend persists, it is possible that the downtrend may continue in the near-term. But this trend is opening up opportunities for investors in large-caps which continue to remain weak despite improving fundamentals.”
livemint.com
Hitesh Tailor
Technical Research Analyst at Choice Broking
“Holding the support zone could encourage a technical rebound, whereas a sustained break below 23,650 may accelerate the downside. Overall, the near-term bias remains cautious to bearish, with elevated crude prices and renewed Middle East tensions restraining risk appetite.”
livemint.com
Sources
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