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Nifty 50 drops below 23,000 as selling pressure intensifies
The Nifty 50 ended down 1.5% at 22,762, and its year to date losses widened to 13%.
LiveMint Markets says Nifty 50 fell another 1.5% on Monday, Sept. 28, settling at 22,762, as India’s market faced severe selling pressure and broke below key psychological levels.
According to Vaishali Parekh, Vice President for Technical Research at Prabhudas Lilladher, surging crude oil prices, elevated bond yields, and fears of global monetary tightening weighed on sentiment, with the Nifty dropping below 23,000 for the first time since April.
LiveMint Markets also reports that the Sensex fell 1.4% to close at 72,836, breaking below 73,000, as Nifty’s daily chart showed a bearish move through the 23,000 zone.
Parekh recommended three intraday trade candidates for Sept. 29, naming Apollo Micro Systems, Netweb Technologies India, and Blue Dart Express, alongside specific buy levels, targets, and stop-losses for each.
Latest closeWTI crude $92.44 ▼2.3%|Sensex 73,580.54 ▼1.7%