Hit hard by the troublesome macro environment, the domestic equity index Nifty on Monday slipped below the 17,000 mark for the first time since July 28 to hit the day’s low at 16,978.30. However, the index showed resistance at the psychological level of 17,000 and quickly moved above the mark later in the day.
Nifty took just eight sessions to climb down from 18,000 to 17,000. The index had ended on September 14, 2022, at 18,003.75. Barring two positive endings in between, the index has been under pressure in all the remaining sessions.
Three Nifty heavyweights –
, and – have been the biggest drags on the index during the period, contributing to around one-third of the 1,000-point loss.
Mid and smallcap indices were among the worst hit as both the indices crashed over 3 per cent each.
“The last session of correction has dampened the overall sentiments as the significant support of the unfilled gap got breached decisively, implying strong momentum in the sell-off. The weakness in the global markets and the upcoming key domestic data have put a sense of tentativeness among the market participants,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
Equity strategist Kranthi Bathini of Wealth Mills Securities, said as the FIIs have already withdrawn a substantial amount of funds from the Indian market already, the selling pressure is going to be limited.
“DIIs can support at any point because they have been sitting on cash,” he said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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