Indian benchmark indices fell like a pack of cards on Thursday on the back of significant selling pressure in IT and bank stocks as fears of a slower than expected rate cut by the US Fed weighed on the domestic technology sector. While the S&P BSE Sensex settled at 79,043.74, down by 1,190.34 points or 1.48%, the broader Nifty closed 23,914.15, lower by 360.75 points or 1.49%.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the current market sentiments appear weak and further weakness cannot be ruled out. “Nifty slipped sharply during the day, falling below the crucial support level of 23,940. On the daily chart, the index has closed a gap it created recently. In the short term, if the Nifty falls below 23,870, it might continue declining toward 23,500. However, if it sustains above 23,870 and does not make a lower low, it could witness a sharp recovery toward 24,200 and higher,” De said.
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