Sensex tumbles 931 pts, Nifty holds 21,150; SmallCap index sheds 3.4%
Sensex tumbles 931 pts, Nifty holds 21,150; SmallCap index sheds 3.4%
The Nifty experienced a sharp correction as bearish sentiment persisted. It failed to sustain above 21,500, resulting in increased call writing at the 21,500 strike, subsequently leading to a significant downturn. At its lowest point, the Nifty dropped just below 21,100 before recovering to close above that level. Looking ahead, there might be a consolidation phase for the Nifty in the near term. Resistance is expected around 21,500, while support is anticipated at 21,100. Views by: Rupak De, Senior Technical Analyst at LKP Securities
