The market opened sharply lower on Monday. Nifty opened 286 points lower at 23,080, while Sensex opened 821 points lower at 73,421. Last week, Nifty fell 0.8% to close at 23,366. Midcaps fell 1.2%, while the smallcap index rose 0.2%.
How was the performance of the sectors?
Talking about sectoral index, consumer durables saw the highest increase of 1.7%. Apart from this, Bankex and Healthcare indices closed in the green. On the other hand, BSE Power Index recorded the maximum fall of 3%. Realty and FMCG indices also saw a decline of up to 2%.
Titan was the top performer; NTPC remains top loser
Last week, Titan was the top 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%.
Where is the support level for Nifty?
SBI Securities said in its report that from a technical point of view, support for Nifty lies near the 23,100–23,050 range. If Nifty goes below 23,050 amid today’s selling, there can be a correction till 22,700. If recovery happens, 23,550–23,600 zone will act as resistance. If Nifty crosses the 23,600 mark, then it is likely to move towards 23,900 first and then 24,100.