A morning walk down Dalal Street | Nifty could come under sharp selling pressure if it breaks 200-DEMA
Episode 1469, Jul 23, 2019, 01:30 AM
Monday blues to start the week!
Well, it was the third consecutive day of decline which pushed the index below 11400 levels on an intraday basis. The index found support near 200-days exponential moving average (EMA).
The fall in the benchmark indices was largely due to muted global cues, mixed earnings from India Inc. that reflected signs of a slowdown in the economy, persistent selling by foreign investors, and fall in key heavyweight stocks in the banking pack.
The market is likely to remain volatile ahead of the F&O expiry on July 25 The next big support for the index is placed at 200-day exponential moving average placed at 11,294, and below that 200-day moving average level (DMA) placed at 11,127.
In terms of sectoral losers, the S&P BSE Finance index fell 2.2 percent, followed by the S&P BSE FMCG index that was down 1.4 percent, and the S&P BSE Bankex that was down 1.4 percent.
The rupee depreciated by 12 paise to close at 68.92 against the US dollar on July 22 tracking heavy losses in the domestic equity market and a spike in crude oil prices following Iran's seizure of a British tanker.