Benchmark indices NSE Nifty 50 and BSE Sensex tanked over 1% and ended Wednesday’s session in the red zone. The NSE Nifty 50 sank 207 points or 1.05% to 19,526.55, and the 30-share Sensex tanked 676.53 points or 1.02% to 65,782.78.Among the broader market indices- Nifty Next 50 sank 1.35%, Nifty 100 fell 1.08%, Nifty Midcap 50 plunged 1.40%, and Nifty Smallcap 100 sank 1.58%. The volatility index, India VIX soared 9.67%. In sectoral indices, Bank Nifty tumbled 596.80 points or 1.31% to 44,995.70, Nifty Auto plunged 1.66%, Nifty PSU Bank sank 2.61% and Nifty IT fell 0.81%. The top gainers on Nifty 50 were Divis Laboratories, Nestle India, Hindustan Unilever, Asian Paints and Tech Mahindra while the losers were Hero Motocorp, Tata Steel, Tata Motors, Bajaj Finserv and NTPC.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty 50 support at 19500; resistance at 19600
“Nifty’s recent slip below its consolidation indicates a bearish sentiment. The index has also dropped below the 21EMA, reinforcing the bearish outlook. The RSI is signaling a bearish momentum for the future. On the downside, support is observed at 19500, a decisive fall below 19500 may create further negativity; while resistance is seen at 19600,” said Rupak De, Senior Technical analyst at LKP Securities.