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Live: Nifty set for more selloff after carnage? Should you stay invested in HDFC Bank? NHPC in focus

After a significant correction on January 17, experts expect the Nifty 50 to fall further in coming days and may take support at around 21,450, the low of current month. If the said level gets broken then 21,000 can be a possibility, whereas on the higher side, 21,650 is expected to be an immediate resistance, followed by 21,750-21,850 area, experts said. Bears were in full action on January 17, pulling down the benchmark indices by more than 2 percent, the biggest single day decline in last 19 months. Sharp sell-off in HDFC Bank post quarterly earnings and weak global cues weighed down on the sentiment. The BSE Sensex tanked 1,628 points or 2.23 percent to 71,501, while the Nifty 50 plunged 460 points to 21,572. This morning global cues are are looking bleak with the GIFT Nifty hinting at another 170 point cut on the Nifty. Wall Street saw a third straight day of losses as early rate cut hopes recede amid strong US retail sales data and commentary from Fed officials. Asian markets are largely lower. Meanwhile, HDFC Bank ADR extends slide, slumping another 9% overnight. Among stocks in focus will be LTIMindtree, IndusInd Bank, Polycab and NHPC. Catch Nandita Khemka in conversation with Nirav Harish Chheda, Assitant Vice President-Equity Derivatives & Technical Research- Retail, Nirmal Bang and Kunj Bansal of National Institute Of Securities Markets.

first published: Jan 18, 2024 08:38 am