text: Monday Massacre: Sensex, Nifty Dips Almost 1% Each, Are Bears Back To Haunt Dalal Street? - The Bharat Express News
  Home Markets National Monday Massacre: Sensex, Nifty Dips Almost 1% Each, Are Bears Back To...
  India VIX rose 14.85% on the day to close at 17.49. (Photo: REUTERS)
  Monday's madness on Dalal Street forced Sensex and Nifty to end in the red with losses, abandoning the intra-day gains. At the closing bell, S&P BSE Sensex was down 525 points or 0.89% to 58,490 while the NSE Nifty 50 Index was down 188 points or 1.07% to 17,396. Hindustan Unilever was the first winner of Sensex, finishing up 2.96%, followed by Bajaj Finserv and ITC. Shares of Tata Steel fell 9.53%, followed by State Bank of India, IndusInd Bank and HDFC. Bank Nifty finished lower 1.76% at 37,175. India VIX rose 14.85% on the day to close at 17.49. Larger markets ended in the red.
  Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities-
  "Global equity markets saw strong corrections and Indian markets also followed suit as sales became widespread, especially in banks, metals and real estate stocks. After a strong rally in recent sessions, markets could experience bouts of volatility in the near future. The benchmark Nifty has formed a strong reversal formation which clearly indicates a strong chance of a further correction from current levels. The texture of the market is weak and the bearish momentum could continue in the short term. For the next trading sessions, the 17525 level could be the sacrosanct resistance level for traders, and by trading below the same level, we can expect a further price correction down to the 17300-17250 levels, while trading above 17525 can trigger a rapid rally up to 17625-17675 levels. Contra traders can take a long bet near the 17250 support level with a strict stop loss of 50 points.
  Vinod Nair, Research Manager at Geojit Financial Services-
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  "After high volatility and weak global sentiment, the domestic market ended in a bearish grip with Metal and PSU banks leading the rally lower. Global markets traded negatively as investors were cautious ahead of multiple central bank policy meetings scheduled for this week. However, due to weak US jobs data and inflation rising at a slower pace, the Fed is unlikely to hint at any cuts at the next meeting. "
  Amid heightened volatility and weak global indices, the Nifty Metal Index plunged nearly 7% in the late afternoon today. As global markets corrected for fear of contagion around the Chinese developer, risk aversion was observed in all markets. With the exception of the FMCG pack, the market width was extremely low with sector indices trading in the red. "
  Palak Kothari, Research Associate, Choice Brokerage –
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  "Technically, the index confirmed the shooting star and formed the bearish candle Marabozu on four hourly charts, suggesting that some reserve of profits can be seen in the next trading session. , the index faced the resistance of 21HMA and closed below the same level which further adds to the weakness of the meter.In addition, the stochastic and MACD indicator shows weakness with a negative cross over a period daily which indicates a southerly direction in the coming session. At present the shrewd appears to have resistance at 17778 levels while immediate support is at 17250 levels, a breach below this level may show a further decline. "
  "Nifty settled lower for the day and it was a bearish start to the week. In terms of magnitude; the last two days have seen a steep decline as Nifty fell from high at 17,792 and over 400 points in two days. This is one of the biggest two-day declines in the past two months. The MACD is still in a buy plus and + DMI is above -DMI. The trend is under- underlying is still intact but we need to be careful as Nifty could experience a prolonged corrective decline. It is going to be a bit difficult to navigate the markets over the next few days. Nifty's support is at 17240 and a break below 17240 and we could see a drop to 17050 points In order for the rally to continue Nifty needs to move above 17580-17600.
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