Nifty fall on last-hour selling
The last-hour selling pressure and profit booking dampened the market sentiment, as the Nifty50 lost 192 points from the day’s high and failed to hold on to the previous day’s low, i.e. 21,800. The index has formed a bearish candlestick pattern, which resembles a Bearish Engulfing kind of pattern (not exactly one) on the daily charts after the Shooting Star kind of pattern formation in the previous session at the top, the bearish reversal pattern, which overall, gives a bit of confirmation for the downside going ahead.
Hence, as long as the index trades below the 21,900 mark, the near-term resistance for the index, the weakness and consolidation may continue with support at 21,600-21,500 levels, experts said.
The Nifty50 started off the trade higher at 21,921 and climbed up to 21,964, but in the last hour, the bears tightened their grip and as a result the index lost all the gains. Finally, it settled with an 82-point loss at 21,772.
Top Nifty losers included UPL, Bharti Airtel, Bajaj Finance, HDFC Life and Grasim Industries, while gainers were Tata Motors, Coal India, BPCL, Sun Pharma and Cipla
Bank Nifty closed below the key averages indicating weakness.
The Bank Nifty index is currently in a bearish territory, encountering formidable resistance at 46,500. The index’s immediate support is positioned at 45,400, and a breach below this level is anticipated to trigger additional selling pressure. The index persists in a “sell on rise” mode unless it convincingly surpasses the 46,500 mark on a closing basis.
Top Bank Nifty losers included PNB, Bandhan Bank, SBI, HDFC Bank, Aubank, Kotak Mahindra, Axis Bank, and ICICI Bank, while gainers were Federal Bank, Bank of Baroda, IDFC First and Indusind.
