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Nifty, Sensex slide for a third straight session as oil and yields rise
Analyst Amol Athawale warns that a decisive break below the Nifty 50 support zone at 23,600 could deepen losses, while 23,800 would be a key level to watch for Thursday.
India’s Sensex and Nifty 50 extended losses for a third straight session on Wednesday, 2 September, falling about 0.5% each as sentiment stayed fragile.
LiveMint Markets attributes the pressure to rising oil prices tied to renewed US Iran tensions, along with a spike in global bond yields.
Kotak Securities technical research chief Amol Athawale said the market has been breaching key support levels with ease, warning that a decisive break below the Nifty 50 support zone at 23,600 could trigger another phase of capitulation.
He pointed to trend-deciding levels for Thursday, 3 September, citing 23,800 on the Nifty and 76,100 on the Sensex, and said staying below those could pull the indices toward 23,600 and 75,400. On the upside, he flagged a sustained move above 24,100 on the Nifty and 77,200 on the Sensex as a possible trigger for recovery toward 24,200 to 24,250 and 77,500 to 77,700, respectively.
Latest closeSensex 74,858.99 ▲0.8%