1 week ago
Sensex Falls as Selling Pressure Signals Further Market Weakness
India’s main stock market index, called the Sensex, fell by 171 points.
This happened because some investors sold shares after prices rose.
Metals companies performed well, but public-sector banks and defense companies fell.
The market opened positively but faced selling during the trading session.
Chart patterns suggest that prices may remain weak.
An analyst said 77,500 is an important level the Sensex must cross to improve.
If it stays below that level, it could fall toward 76,800–76,500.
If it rises above 77,500, it could recover toward 77,800–78,000.
The Sensex fell 171 points after investors booked profits at higher levels.
The Metal index gained more than 1.50 per cent, while PSU Bank and Defense indices lost nearly 1 per cent.
Persistent selling after a positive opening created a bearish daily-chart formation.
Kotak Securities’ Shrikant Chouhan identified 77,500 as an immediate resistance level for the Sensex.
Below 77,500, the index could decline to 76,800–76,500; above it, the index could rebound to 77,800–78,000.
- Who
- The Sensex and other Indian stock-market sectors; Shrikant Chouhan of Kotak Securities provided the technical assessment.
- What
- The Sensex declined 171 points amid profit booking and sustained selling pressure.
- Where
- Mumbai.
- When
- Why
- Investors booked profits at higher levels, while technical chart patterns indicated possible further weakness.
Key facts
- Sensex move
- Down 171 points
- Resistance level
- 77,500
- Potential downside
- 76,800–76,500
- Potential rebound
- 77,800–78,000 if the index moves above 77,500
- Best-performing sector
- Metal, up more than 1.50 per cent
- Weak sectors
- PSU Bank and Defense, each down nearly 1 per cent
- Analyst
- Shrikant Chouhan, Head of Equity Research at Kotak Securities
Quotes
Shrikant Chouhan
Head of Equity Research at Kotak Securities
“We believe that 77,500 will act as an immediate resistance zone for the bulls”
thehansindia.com
Sources
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