2 weeks ago
Indian Market May Weaken After Selling At Higher Levels
Indian stock prices fell during the trading session.
The Sensex dropped by 493 points.
This happened as some investors sold shares to lock in profits.
The Defense index rose, but the IT index fell the most.
Charts used by analysts showed signs that prices could weaken further.
Shrikant Chouhan said the market may remain weak below 77,500.
He expects it could test levels between 77,000 and 76,700.
If it rises above 77,500, the market could instead move toward 77,800–78,000.
The Sensex fell 493 points as investors booked profits at higher levels.
The Defense index gained 1.30%, while the IT index declined 1.90%.
The market opened weak and remained under selling pressure throughout the session.
Daily charts showed a bearish candle, while intraday charts formed a lower top.
Shrikant Chouhan said the market could retest 77,000–76,700 while below 77,500, but a move above 77,500 could support a rise toward 77,800–78,000.
- Who
- Indian equity-market participants and Shrikant Chouhan, Head of Equity Research at Kotak Securities.
- What
- The benchmark indices declined, with the Sensex falling 493 points amid profit-booking and selling pressure.
- Where
- Mumbai.
- When
- During the reported trading session; the article does not provide a calendar date.
- Why
- Investors booked profits at higher levels, while technical indicators pointed to possible further weakness.
Bearish Outlook
Bullish Scenario
Market direction
Bearish Outlook
Below 77,500, weak sentiment is expected to continue, with a possible retest of 77,000–76,700.
Bullish Scenario
Above 77,500, sentiment could change and a rebound could continue toward 77,800–78,000.
Technical interpretation
Bearish Outlook
The bearish daily candle and lower-top intraday formation indicate further weakness.
Bullish Scenario
A move above 77,500 would signal that the market may overcome the current weak sentiment.
Key facts
- Sensex move
- Down 493 points
- Best-performing sector
- Defense index, up 1.30%
- Weakest sector
- IT index, down 1.90%
- Key support or weakness threshold
- Below 77,500
- Potential downside target
- 77,000–76,700
- Potential upside target
- 77,800–78,000 if the market surpasses 77,500
- Analyst
- Shrikant Chouhan, Head of Equity Research, Kotak Securities
Quotes
Shrikant Chouhan
Head of Equity Research, Kotak Securities
“We are of the view that, as long as the market is trading below 77,500, a weak sentiment is likely to continue on the downside. The market is likely to retest the levels of 77,000-76700.”
thehansindia.com
Sources
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