The Nifty50 remained under selling pressure throughout the session on October 13 and fell more than 100 points, but defended not only recent low of 16,950 but also 200 days moving average (DMA - 16,987), tracking weak Asian cues. If these levels get broken then sharp selling pressure can't be ruled out in coming sessions, till then consolidation and volatility is expected to continue, experts said.
The index has formed bearish candlestick pattern on the daily charts as the closing was lower than opening levels. Banking & financial services, select IT and FMCG stocks weighed down the market.
The broader markets also traded in line with benchmarks as the Nifty Midcap 100 index was down 0.7 percent and Smallcap 100 index fell 0.4 percent on weak breadth. About two shares declined for every share rising on the NSE. The Nifty50 opened lower at 17,087 and hit a day's low of 16,957 amid volatile and rangebound session. The index settled at 17,014, down 109 points
The Nifty50 remained under selling pressure throughout the session on October 13 and fell more than 100 points, but defended not only recent low of 16,950 but also 200 days moving average (DMA - 16,987), tracking weak Asian cues. If these levels get broken then sharp selling pressure can't be ruled out in coming sessions, till then consolidation and volatility is expected to continue, experts said.
The index has formed bearish candlestick pattern on the daily charts as the closing was lower than opening levels. Banking & financial services, select IT and FMCG stocks weighed down the market.
The broader markets also traded in line with benchmarks as the Nifty Midcap 100 index was down 0.7 percent and Smallcap 100 index fell 0.4 percent on weak breadth. About two shares declined for every share rising on the NSE.
The Nifty50 opened lower at 17,087 and hit a day's low of 16,957 amid volatile and rangebound session. The index settled at 17,014, down 109 points.
The index has formed bearish candlestick pattern on the daily charts as the closing was lower than opening levels. Banking & financial services, select IT and FMCG stocks weighed down the market.
The broader markets also traded in line with benchmarks as the Nifty Midcap 100 index was down 0.7 percent and Smallcap 100 index fell 0.4 percent on weak breadth. About two shares declined for every share rising on the NSE. The Nifty50 opened lower at 17,087 and hit a day's low of 16,957 amid volatile and rangebound session. The index settled at 17,014, down 109 points
The Nifty50 remained under selling pressure throughout the session on October 13 and fell more than 100 points, but defended not only recent low of 16,950 but also 200 days moving average (DMA - 16,987), tracking weak Asian cues. If these levels get broken then sharp selling pressure can't be ruled out in coming sessions, till then consolidation and volatility is expected to continue, experts said.
The index has formed bearish candlestick pattern on the daily charts as the closing was lower than opening levels. Banking & financial services, select IT and FMCG stocks weighed down the market.
The broader markets also traded in line with benchmarks as the Nifty Midcap 100 index was down 0.7 percent and Smallcap 100 index fell 0.4 percent on weak breadth. About two shares declined for every share rising on the NSE.
The Nifty50 opened lower at 17,087 and hit a day's low of 16,957 amid volatile and rangebound session. The index settled at 17,014, down 109 points.
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