There has been no respite for the bulls on D-Street so far during the week amid weakness in the global markets. The domestic market witnessed severe selling for the fourth consecutive week, with the benchmark indices losing more than 15 percent. The index Nifty closed near the 10,000-mark last week and has now breached the 8,000 level with ease. At this juncture, it is trading with a cut of around 17 percent, while the Nifty Bank index has lost around 20 percent from the previous week to settle near the 20,000-mark. At present, the technical supports are not working since the fall has more to do with the overall sentiment. Earlier, we expected the 9,500–9,000 zone to attract some buying but that possibility has been ruled out as Nifty has breached the 8,000-mark. Currently, the index is hovering near 8,000 level, which is the 78.6 percent Fibonacci retracement of the entire rally from 6,826 to 12,430. Further, there is a major hidden divergence in the monthly RSI of the Nifty index, and this will not be negated if 6,825 remains intact during this month.

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What a day it has been for Indian markets. A ray of hope when Sensex turned green but bears hammered benchmark indices below their crucial support levels. The Nifty50 closed below 8300 while the S&P BSE Sensex closed below 29000.     The S&P BSE Sensex, Nifty50, and Nifty Bank hit a fresh 3-year low amid the volatility seen in markets. The Nifty Midcap index closed at a 4-year low while India VIX jumped to a 12-year high.

2330: Taking Stock: Volatile Thursday! Sensex, Nifty, Nifty Bank @3-year low

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Benchmark Index Nifty breached 8,500-mark and closed below the same with a loss of 5.56 percent, forming a bearish candle on March 18. As per the moving average, Nifty has drifted below its 100-day exponential moving average on the monthly time frame. The index has corrected almost 38.20 percent from the all-time high levels by connecting the lows of October 2008. Nifty, on the monthly chart, has broken its 11-years rising channel pattern. If the index closes below 8,800 level till March 2020 expiry, then the said bearish pattern will come to play. The current chart structure on any time frame only indicates bears overweight bulls. Additionally, the Indian Volatility Index (VIX) has spiked above 63.95 levels. Earlier, we witnessed the same level of volatility in the year of 2008 and 2009. This observation indicates that further downward momentum with some wild swings cannot be ruled out.

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Bloodletting continued in the markets on March 18 as well, as benchmark indices hit a new three-year low, tracking a selloff in global equities.  The BSE Sensex broke below 29,000, while the Nifty breached its Friday’s panic low of 8,555, suggesting that the selling pressure is unlikely to abate anytime soon.

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After opening a tad higher on March 17, Indian markets gave up all the gains and slid sharply in the last hour of trade with Nifty closing below 9,000 levels and Bank Nifty below 22,200 levels as fears over the coronavirus pandemic loomed over the market. On the technical front, Nifty has slid below its 100-days exponential moving average on monthly charts which can trigger further selling pressure into the prices in coming sessions once again. On the derivatives front, the heavy short build-up has been witnessed into the index from the last few sessions, which will once again limit any sharp upside into the prices. On the higher side, as long as Nifty is trading below the psychological level of 10,000, the undertone will likely to remain bearish and any bounce into the prices should be used for creating fresh shorts. Additionally, the Indian Volatility Index (VIX) has spiked above 60 levels which also indicates further downward momentum with some wild swings on the cards.

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Indian market reversed in the last hour the gains it had made during the day on March 17 tracking muted global cues. Nifty broke below 9,000 levels, while Sensex breached 31,000 as both the indices hit fresh 3-year low. Let’s look at the final tally on D-Street on March 17 – the S&P BSE Sensex plunged 810 points to close at 30,576, while the Nifty50 plunged 230 points to end at 8967.

2320: Taking Stock: Indices hit fresh 3-yr low as Nifty breaches 9,000; support likely at 8,555

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