Indian stocks fell for a third straight session on Thursday, following heavy losses in the index heavyweights, amid a selloff in global equity markets. The BSE Sensex fell 575 points to 59,034 while the Nifty 50 also fell 0.9% to close at 17,639 on Thursday.
Asian markets were mostly lower on Friday as SGX Nifty indicates a flat start for the Indian stock market today. Meanwhile, investors are also awaiting clues from the outcome of the Reserve Bank of India (RBI) policy meeting, which will be announced on Friday, April 8, 2022.
“While the dips are bought, there is a lack of follow through at higher levels, suggesting some fatigue. Overall, equity markets have shown strong resilience, even as they face headwinds. Contrary to an uncertain global environment and persistent inflation readings prompting a potential rate hike, India VIX is down nearly 18 zones, providing comfort to bulls and needs to hold lower levels for the future. market stability,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
“Nifty has fallen from the ascending channel on the daily chart suggesting a descending bullish trend. The daily RSI is in a bearish crossover. The trend looks negative in the short term. that resistance is visible at 17750-17800,” said Rupak De – Senior Technical Analyst at LKP Securities.
“Nifty’s short-term trend continues to be negative. Currently the daily 10-day EMA offers support at 17600 levels and crucial support is placed around the 17450-17500 levels under the polarity shift concept. Friday’s mid-quarter RBI Policy meeting should show a new direction for the market, however, we expect Nifty to see a bounce up from lows around 17550-17450 over the past few months. next two sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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