Nifty: Market Watch: Should traders expect more pain next week?
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Let us take a quick glance at what happened on the Dalal Street today.
Domestic stocks saw a disappointing end to a promising day, with benchmark indices falling nearly a per cent after breaching the recent swing highs. Sensex lost 487 points while Nifty could barely hold above 15,000 level as Rs 1.4 lakh crore worth investor wealth got eroded in a single day.
Reliance Industries and banks emerged as key culprits behind Friday’s selloff. Only four Sensex stocks ended higher.
Reliance Industries and ICICI Bank fell 2 per cent each. SBI, IndusInd Bank, Kotak and Axis Bank fell up to 2 per cent. Power Grid, Titan Company, ONGC and Infosys bucked the weak trend rising up to 2 per cent.
We have Paras Bothra of Ashika Stock Broking to share his views on the market.
1) What led to the big U-turn in the market today?
2) Do you think Friday’s selloff was unwarranted or do you see more pain ahead?
We also caught up with Nilesh Jain of Centrum Broking to do the chart reading for our listeners.
1) Nifty today breached its recent swing high, followed by a sharp fall. What are the charts looking like?
2) What would be your call on Nifty Bank?
Asian markets mostly settled higher but European markets were largely negative, trading up to 1 per cent lower in the first few hours of trade. US stock futures were hinting at a weak start to US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!
