Indian stock markets fell for the 6th consecutive day today. Weak global economic conditions continue to reverberate in Indian stock markets. Banking sector, automobile, metal, energy, real estate sectors experienced a decline in the opening trading hours today (September 28).
The Nifty fell 182 points to 16,825 as of 9.15 am. The Sensex fell over 600 points to close at 56,500. Then as of 11.50 hrs the Nifty reached the psychological level of 17 thousand points. Global stock markets are under pressure due to inflation and rising interest rates. The US stock index S&P 500 fell yesterday to its lowest level since November 2020. Asian bourses Nikkei and South Korea’s KOSPI also fell 2 percent, while Singapore’s SGX and Nifty fell 1 percent.
What does the technical mean?
Sameet, Chief Technical Analyst, Angel One Broking said: Yesterday (September 27), the benchmark indices Nifty and Sensex were volatile. This caused it to slip down. However, the Bulls made good progress. But eventually there was a correction again. This resulted in a loss of 0.05%, ending the trade at 17,007 points. Technically 17,000 – 16,800 support points are potential rebound points. Bulls retaliate in these places. That means buying is happening. There is no need to worry about further correction until it slips from certain levels.
However, we recommend reducing short positions as the markets are very oversold. Meanwhile, intraday barriers are seen at 17,100 – 17,200. A sustained move beyond 17200 points will trigger short covering. Till then the oscillation between the two levels of 16,800 – 17,200 will continue. Traders pay close attention to global affairs. A higher sell-off will lift global market sentiments. Said thus.
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