No need to worry till the Sensex holds 56,886 level, technical charts say

Equity markets declined the most in around a month on Monday following US Fed chief Jerome Powell's comments on Friday, which indicated that it will continue with its restrictive monetary policy

Equity markets declined the most in around a month on Monday following US Fed chief Jerome Powell’s comments on Friday, which indicated that the central bank will continue with its restrictive monetary policy. 

Sensex tumbled 1466 points or 2.50 per cent to 57,357 levels, whereas Nifty shed around 400 points or 2.10 per cent to 17,188 in intraday trade on Monday. 

Here’ the outlook for key benchmark indices:

S&P BSE SENSEX

Outlook: 58,700 will be the trend deciding level

While the Sensex experienced a pullback close to the April high of 60,845 level between July and August, the underlying trend