Nifty hits 52 weeks low today at 15,335

Nifty hits 52 weeks low, making the bottom of 15,335.10 today.

A huge sell-off was experienced today in the market, where the Nifty closed at 15,360.60 points after sliding 331.10 points from yesterday’s closing. Whereas Sensex settled at 51495.79 after sliding 1045.6 points from yesterday’s closing.

The Indian markets today opened with a gap-up of 140 points in Nifty and made a day high of 15862 points and took a reversal. The Nifty started bleeding later on and closed at 15360.60. Banknifty also slides down to 32537( Day low) and settled at 32617.

Markets tanked on the weekly expiry day and lost over 2%, tracking feeble global cues. The benchmark opened with an uptick, in reaction to the rate hike by the US Fed, which came in with the expectation. However, it couldn’t sustain the higher levels for long and gradually drifted lower as the day passed.

The breakdown of the low of 15,670 levels in Nifty on the weekly expiry day further accumulated the pressure. Hence, the Nifty index settled around the day’s low to close at 15,360. Every sector indices traded in red and ended lower wherein the metal index and media index suffered badly. The broader indices too ended with a sharp fall and lost in the range of 2.5-3.5%.

The next support zone can be expected around the levels of 14,800-15,000. A reversal or consolidation can be expected at those levels.

After today’s bearish market, Bulls need to fight harder in the backdrop of a hawkish Fed and RBI, spiking oil prices, inflation concerns, growth fears and persistent FIIs selling. Technically the immediate support for Nifty is seen at the 15000 mark. Below 15000, expect the Nifty to quickly slip towards the 14251 mark.

Fii Activity : -331.15Cr

Dii Activity : +2588.00Cr

Net : -928.85Cr