Stock market: On February 10, the Indian Equity Index went below 23,400 of Nifty and closed on Nigetave Note. At the end of the trading session, the Sensex closed at 77,311.80 below 548.39 points or 0.70 per cent and the Nifty closed at 178.35 points or 0.76 per cent at 23,381.60. Prashant Tapse of Mehta Equality says that there was an atmosphere of disappointment in the market since early trade. The shares fell due to a decline in corporate earnings and the ongoing uncertain about the global tariff war. Due to no signs of weakening of the rupee, foreign investors are adopting the way out to invest in safe American financial assets. This is having a huge impact on the market sentiment. Since the valuation remains expensive, mid and small cap stocks continue to fall.
Nagraj Shetty, Senior Technical Research Analyst of HDFC Securities It is said that the market continued to decline in the fourth consecutive trading session on Monday and the Nifty closed with a decline of 178 points. After opening with a decline, the market further declined in the early part of the session. Later, from the mid -middle to the latter part, it showed a slight rise in a limited scope.
A long bearish candle is built on the daily chart. It is going down with the important cluster support of the 23400 level (10/20-day EMA and support in the pollity). This is not a good sign. Falling below the next support level located at 23220 may have a fast chart patterns like Higher Tow and Bottom, and it can have a more negative effect on the market. The overall trend of Nifty remains negative. After going below the critical support of 23400, we can expect the Nifty to fall to 23200. After this, the short term may decline further. There is immediate resistance at the level of 23500 for Nifty.
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Vinod Nair, research head of Geojit Financial Services Says that American tariff threats have spoiled the market sentiment. The domestic yield is also increasing because investors are seen cautious about risky investors and are putting their investment in a safe option like gold.
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