Stock Market Live Updates: Three very important levels for the Nifty 50 index are now within 150 points of each other as the index continues to grind lower for the seventh straight session, even breaking below its 50-Day Moving Average. More block deals are in store, IPOs open for subscription and stock specific activity in the broader market continues. Watch this space for all the LIVE stock market updates.
Stock Market LIVE Updates: The Nifty 50 index enters today’s Sensex weekly expiry session on the back of seven straight days of losses, during which the index has corrected over 500 points. As a result of this, the Nifty also closed below its 50-Day Moving Average on Wednesday. Three very important levels on the downside are now within a 150-point distance from each other.
First is the 61.8% retracement level of the recent Nifty rally from the July lows, which comes up to 24,045, a level the index defended on Wednesday, second is 24,000, the psychological support, and third is the 100-Day Moving Average, which is at 23,920 on the downside.
The Nifty Bank bulls are defending 57,000 by hook or by crook as was the case in mid-week trade as well, and that remains the most important level to track on the downside.
The overnight weakness in the US Dollar should have some implications on Metal names, while oil prices continue to remain at elevated levels. Watch out for stocks like Hyundai Motor India, BSE, and others.
Watch this space for all the LIVE stock market updates.