The market ended near a 1-month low on March 24 amid weak global cues and concerns regarding a second wave of COVID-19 infections in India. At close, the Sensex was down 871.13 points, or 1.74%, at 49,180.31, and the Nifty was down 265.40 points, or 1.79%, at 14,549.40.
"The support range of 14,750 was disrespected and we dropped over 200 points once that level broke. Keeping a stop loss at 14,900, traders can target 14,350-14,400 as a potential target for the index. Until we do not get past 14,900, the short-to-medium term trend remains bearish," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Among sectors, Nifty Metal and PSU bank indices slipped 3 percent each, while Nifty Auto and Nifty Bank shed over 2 percent each. BSE Midcap and Smallcap indices shed over 1.5 percent each.
Tata Steel, Adani Ports, Tata Motors, Hindalco Industries and M&M were among the major losers on Nifty, while gainers were Cipla, Asian Paints and Power Grid Corporation.
Stocks & sectors
All the S&P BSE sectoral indices ended in the red with auto, bank, capital goods, metal and realty indices slipped 2 percent each.
Among individual stocks, a volume spike of more than 100 percent was seen in Aarti Industries, SAIL and Alkem Laboratories.
Long buildup was seen in the Berger Paints and Aarti Industries, while a short buildup was seen in SRF, Bharat Forge and Dabur India.
More than 100 stocks, including Mindtree, KPIT Technologies, Inox Wind, Godrej industries, Adani Enterprises, Ambuja Cements, hit a fresh 52-week high on the BSE.
The Nifty has failed the setup of higher lows of last two trading sessions and broken its 50 DEMA. Weakness swept across the street and finally index settled the day with losses of more than 250 points.
"The Nifty needs to cross and hold above 14,675 zones to witness an up move towards 14,800 and 14,900 zones, while on the downside immediate support exists at 14,450 then 14,350 zones," said Chandan Taparia of Motilal Oswal Financial Services.Disclaimer
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