NIFTY bloodbath today, tanks 2.8% | What to expect now?

NSE:NIFTY   Nifty 50 Index
Nifty - Technical Analysis:
-Indian benchmark indices had a gap down opening and kept losing ground as the day wore on, to finally end the day around 2.8% down
-NIFTY broke 11k in the start and kept falling after
-The uncertainty regarding an economic recovery, the unabated rise in virus infections, and today being derivatives expiry day, all contributed to the negativity. With volatility expected to be high, traders are advised to remain cautious.

Market - Driving Factors:
-M&M, TCS , Bajaj Finance, Tata Motors and IndusInd Bank were among top losers on the Nifty , while HUL was the only gainer.
-All the sectoral indices ended in the red with IT and Metal indices shed 4 percent each followed by the Auto, PSU Bank, Infra and Realty indices.
-The selling continued on the six consecutive day on the Dalal Street on the back of weak global cues.
-IndusInd Bank, Tata Motors, Bajaj Finance, M&M, IOC , UPL , Tech Mahindra were the other prominent losers in the Nifty50 pack of stocks, falling over 5% each.

Nifty - Outlook for Wednesday, 23th September:
As mentioned in previous posts, NIFTY reached 11k and also broke it with conviction. Weak Global Cues coupled with worrying data points from the US led to a gap down start today even as the re-emergence of the virus rattled the Euro Zone. Indices here saw deep cuts led by TCS & Infosys as both along with RIL were the ones which led the recovery in the last five months. The broader markets were pounded today much beyond the 3% cut witnessed in the Indices.

We can expect continue in downtrend with a test of 11k as resistance if it bounces to next level of 10600. Investors can accumulate in their long term portfolios.


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