Global markets turned cautious ahead of the two day meet between US-China on trade, analyst said.
After a positive start on Monday morning with Sensex up 160.43 points at 38043.22, markets fell in a volatile trading session on weak domestic and global cues.
Global markets turned cautious ahead of the two day meet between US-China on trade, analyst said.
The Sensex fell 524.06 points intra-day touching a low of 37519.16 but later managed to recover partially closing 196.42 points or 0.52 per cent down at 37686.37. The Nifty-50 Index closed 0.84 per cent or 95.10 point down at 11189.20.
The border market indices also fell with BSE Mid-Cap Index down 0.67 per cent and BSE Small-Cap Index down 1.03 per cent.
Technical View
Ruchit Jain, Technical Analyst-Equity, Angel Broking said, "The Index has approached its '200 day moving average (DMA)' which is placed around 11140. A correction towards this average is seen as a buying opportunity by many. Also, the swing low of May 2019 is placed around 11108 and hence, 11108-11140 is seen as a crucial support range for the Index."
Nagaraj Shetti, Technical & Derivative Analyst, HDFC Securities said, "The Nifty has now entered a key lower support of around 11150-11100 levels, but still there is no indication of any upside reversal. The underlying short term trend continues to be weak, next lower levels to be watched around 11100-11050 in the next few sessions."
Market View
Ajit Mishra, Vice President- Research, Religare Broking said, "Markets started the week on the feeble note and benchmark indices lost half a per cent. Weak Asian markets combined with continuous outflow of the foreign fund were weighing on the sentiment in early trades. The selling pressure was wide-spread wherein auto, metal and media counters were thrashed badly. However, the surge in private banking major, ICICI Bank, in reaction to its results and resilience in IT majors, Infosys and TCS, capped downside."
"Markets are largely focusing on weak domestic sentiment while cues are mixed from the global front. And, in the absence of any major event, we feel earnings will continue to dictate the market trend," Mishra said.
