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Bad day for mkts; Nifty breaches crucial 4800 support
The previous low or intermediate low of 4,770 thereabouts has been violated on a closing basis today and the 4,800 support has come and gone for the Nifty.
It was a really bad day for the market and volumes spiked once again touching Rs 110,000 crore. We started gap down and then there were sporadic attempts during the course of the trading day to pullback. But the market never managed to successfully claw back.
In fact the end was not very far from the lows of the day. We broke 4,700 briefly on the way down. That was the panic point of the day and then managed to close the day around 4,720. So the previous low or intermediate low of 4,770 thereabouts has been violated on a closing basis today and that 4,800 support has come and gone.
Leaders of the fall once again the high beta metal space Hindalco , Tata Steel and SAIL were all down. We had a bad fall in many of the infrastructure names like JP Associates , real estate DLF and Unitech both down sharply and even private sector financials like ICICI Bank , Axis Bank and even State Bank of India was down very sharply.
It didn't help that the two heavyweights Reliance and ONGC were down sharply and they play instrumental roles in getting the Nifty down more than a 100 points today. Very few stocks withstood selling pressure today, hardly anything closed in the green.
It was a really bad day for the market and volumes spiked once again touching Rs 110,000 crore. We started gap down and then there were sporadic attempts during the course of the trading day to pullback. But the market never managed to successfully claw back.
