Sensex Plummets Over 800 Points (Image Source: iStockphoto)
On Monday, the Sensex crashed 845.12 points or 1.14 per cent down to end at 73,399.78 and Nifty fell around 246.90 points or 1.1 per cent down to close at 22,272.50.
Within the Nifty index, several prominent companies, including ONGC, Hindalco, Maruti, Britannia, and Nestle India were among the top gainers. On the other hand, Wipro, ICICI Bank, Bajaj Finance and Bajaj Finserv were among the top losers.
As indicated by exchange data, the Foreign Institutional Investors (FIIs) divested equities amounting to Rs 8,027 crore and the Domestic Institutional Investors (DIIs) remained net buyers, spending a total of Rs 6,341.53 crore on equities on the previous trading day.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said, “Nifty opened gap down today and drifted lower during the course of the day to close with a deep cut of ~242 points. On the daily charts we can observe that the Nifty is in the process of retracing the rise it has witnessed from 22710 – 22776. Thus, in case of a bounce towards 22350 – 22370 it should be used as a selling opportunity. On the upside, the gap area formed today in the range 22420 – 22500 shall act as an immediate hurdle from short term perspective.”
Gedia added, “Bank Nifty also witnessed correction and closed down 791 points. The next crucial Fibonacci support is placed at 47443 which also coincides with the 20-day moving average. Thus, 47400 – 47300 is the crucial support zone while 48250 – 48300 is the immediate hurdle zone from short term perspective.”
