Under selling pressure through the week, Nifty falls 2.8% from all-time high

Under selling pressure through the week, Nifty falls 2.8% from all-time highSeptember 22, 2023New Delhi, Sep 21 (IANS) Nifty experienced consistent selling pressure throughout the week, resulting in a decline of 2.80 per cent from its all-time high, said Rupak De, Senior Technical analyst at LKP Securities.This recent correction has caused it to dip below the critical 21-day Exponential Moving Average (21EMA). The sentiment appears bearish at this point, with a key support level identified at 19,600, De said.A breach below 19,600 could potentially initiate a more significant market correction. On the upside, 19,800 is expected to serve as a resistance level, he added.Vinod Nair, Head of Research at Geojit Financial Services, said domestic markets closed on a sombre note as mixed cues from US and Asian markets weakened domestic investors’ confidence.The Nifty 50 dropped 70 points on Friday to close at 19,674 , while the Sensex fell 221 points to end the week at 66,009.Nevertheless, PSU bank stocks outperformed as India’s inclusion in JP Morgan’s Government Bond Index led to a decline in bond yields, Nair said.A broad basis, risk-averse sentiment prevailed due to the ongoing ascent of US bond yields and concern over higher rates for a prolonged period, he added.Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said the prevailing sentiment in the Bank Nifty index remains bearish. As a result, it’s advisable to maintain a “sell on rise” approach. The next immediate support is seen in the 44,500-44,400 range.–IANSsan/armhttps://ians.in/detail/nifty-under-selling-pressure-throughout-the-week-falls-28-per-cent-from-all-time-high–20230922163226/

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