Monday started with a big fall in the market. Nifty opened 286 points lower at 23,080, while Sensex opened 821 points lower at 73,421. Last week, Nifty fell 0.8% and closed at 23,366. Midcaps fell 1.2%, while the smallcap index rose 0.2%.
How was the performance of different sectors?
Sector wise, consumer durables saw the highest growth of 1.7%. Apart from this, Bankex and Healthcare indices closed with gains. On the other hand, BSE Power Index recorded the maximum fall of 3%. Realty and FMCG indices also fell by up to 2%.
The Titan had the best performance; NTPC fell the most
Last week, Titan was the leader of Nifty with a gain of 4.5%. Adani Enterprises and Infosys also saw gains of 3-4%. In contrast, NTPC fell the most at 6.5%. UltraTech Cement and Bajaj Finserv also fell 4-5%.
What is the support level for Nifty?
SBI Securities has said in its report that from a technical point of view, support for Nifty is around the range of 23,100–23,050. If Nifty goes below 23,050 amid today’s selling, it may fall (correction) up to 22,700. If recovery happens, zone of 23,550–23,600 will act as resistance. If Nifty crosses the level of 23,600, then it is likely to move towards 23,900 and then 24,100.
