Nifty Slides 3,000 Points from Record High, Below 23,400 Amid Market Volatility

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The stock market fall due to weak Q2 earnings and heavy supply of stocks amid persistent selling by FIIs. Nifty charts also indicate a possible downward momentum from a technical standpoint.

On November 18, the NSE Nifty 50 fell below the crucial 23,400 level, prolonging the losing run to seven sessions as Indian equities markets resumed their downward trajectory. In intraday trading, the index fell more than 130 points, and the BSE Sensex fell almost 350 points, bringing its slide from its peak of 85,978.25 in late September to more than 10 percent.

Concerns over a slower pace of US interest rate cuts after higher-than-expected retail sales and rising import prices further weakened mood, which was exacerbated by a steep selloff in IT companies.

The market weakness is due to disappointing Q2 earnings and sustained foreign institutional investor (FII) selling.

The 23,350 to 23,300 area provides immediate support for the index, which is now trading close to its 200-day EMA. The region of 23,800 to 24,000 is where resistance is found. The Nifty’s Relative Strength Index (RSI), which is currently at 43.26, indicates a weaker stage of the market.

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