A morning walk down Dalal Street | Nifty can extend fall toward next support at 11,200

It was nothing short of carnage on D-Street. The S&P BSE Sensex breached its crucial support level of 38000 on the downside while the Nifty50 ended below 11,450 levels.

Nifty plunged 1.3 percent, its highest single-day fall in nearly six months. It looks like Nifty has resumed the short-term downtrend and can extend the fall toward next supports at 11,200, suggest experts. It would be advisable to remain cautious on markets this week. Resistance for Nifty is seen at 11,620.

The rupee which plunged to a record low of Rs 72.67/$ managed to recoup some losses and closed at a fresh record low of 72.45/$. Depreciating rupee against the dollar has been one of the prime reason behind the fall of Indian market along with concerns over trade war.

NBFC stocks along with select banking names remained under pressure as depreciating currency may force regulators to hike interest rates in the near-term.