Stock Market Highlights: Sensex Tanks 927 pts to Close at 3-Week Low
The BSE Sensex fell for the fourth straight day, dropping 927.74 points (1.53%) to close at 59,744.98, its lowest level since February 1.
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New Delhi: Markets closed in red on Wednesday with the broader Nifty closing at a four-month low. The benchmark Sensex fell 927 points to close at a three-week low amid negative global trends as investors awaited the release of the Federal Open Market Committee minutes later in the day.
The BSE Sensex fell for the fourth straight day, dropping 927.74 points (1.53%) to close at 59,744.98, its lowest level since February 1. It fell by 991.17 points or 1.63 percent over the day to 59,681.55. The 50-issue NSE Nifty lost 272.40 points, or 1.53%, to close at 17,554.30, a four-month low. 47 of its members also recorded negative closing prices.
"Now all eyes would be on how markets react on the F&O expiry day, whether we see a follow-up sell-off or there's some respite at lower levels. In our sense, the hourly charts are a bit oversold, and creating short positions from current levels may turn out to be risky. Also at the lower end, we see a strong zone of support around 17350 - 17400 which coincides with the budget session low and 200SMA; as of now, we sense prices to defend this zone. Aggressive traders can opt for buying in this zone if there's further weakness in the morning session. On the flip side, previous support around 17700 - 17750 is likely to act as immediate resistance. With global uncertainty, volatility is likely to remain on the higher side and hence traders are advised to keep a tab on the mentioned levels and trade accordingly on the expiry day," said Rajesh Bhosale, Technical Analyst, Angel One Ltd.
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