2 weeks ago
Sensex Falls Below 77,000 as Negative Bias Deepens
India’s Sensex stock index fell during the trading session.
It ended below the important 77,000 level.
This was its third losing session in a row.
Some technology and housing-related stocks rose, but many industrial and metals stocks fell.
Analysts said investors were more interested in selling than buying.
They are watching the 76,500–76,750 area as a floor that could stop further declines.
The 77,270–77,400 area is seen as a ceiling the index must cross to look stronger.
If the floor holds, the index could bounce back.
If it breaks, the market could become weaker.
BSE Sensex closed at 76,909.68, down 325.78 points, or 0.42 per cent.
The index traded between 76,822.89 and 77,347.81 after opening at 77,218.05.
Sensex has fallen for three consecutive sessions and remains below key daily moving averages.
Focused IT, Information Technology, Housing Finance and Mid-Small Private Banks gained, while Capital Goods, Utilities, Industrials, FMCG and Metals declined.
Analysts identify support at 76,500–76,750 and resistance at 77,270–77,400, with a cautious-to-bearish near-term outlook.
- Who
- The BSE Sensex and the sectors and stocks represented in the index; analyst Sachin Gupta provided the technical assessment.
- What
- The Sensex fell 325.78 points, or 0.42 per cent, to close at 76,909.68, reinforcing a near-term negative bias.
- Where
- Mumbai, at the BSE.
- When
- During the trading session described in the report; the index has declined for three consecutive trading sessions.
- Why
- Persistent selling pressure, limited buying interest and weakening technical indicators weighed on the index.
Key facts
- Closing level
- 76,909.68
- Daily change
- Down 325.78 points, or 0.42 per cent
- Opening level
- 77,218.05
- Intraday range
- High of 77,347.81 and low of 76,822.89
- Support zone
- 76,500–76,750
- Resistance zone
- 77,270–77,400
- Technical indicators
- RSI was 41.78 versus an RSI moving average of around 55.34; PCR was 0.88
Quotes
Sachin Gupta
VP - Technical Research, Choice Equity Broking
“The benchmark closed close to the day’s lower levels, indicating persistent selling pressure and a lack of strong buying interest during the session.”
thehansindia.com
Technical Analysis Commentary
Authoritative market technical assessment
“Momentum has also weakened significantly, with the RSI at 41.78, well below its RSI moving average of around 55.34, indicating increasing bearish momentum.”
thehansindia.com
Sources
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