Another Support Gives Way: Why Nifty Cracking Below 22,400 Spells Trouble
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Nifty 50 slipped below the 22,400 mark on Monday, losing another support level.
- ✓The benchmark traded at 22,369.60, down 150.85 points from Friday.
- ✓Kranthi Bathini said, “Markets are volatile, and they have been breaking support levels every time.” Foreign investors continue selling, leaving the index with few floors to hold.
Story at a Glance
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- MARKET
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- NDTV Profit
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- 4 Minute(s)
- Market Focus
- India Economy
The Nifty 50 slipped below the 22,400 mark on Monday, giving up yet another support level after losing 22,500 earlier in the session.
The benchmark was trading at 22,369.60 in afternoon trade, down 150.85 points or 0.67% from Friday's close of 22,520.45. It is also below its October 1 close of 22,421.95, which was then a six-month low.
The break is more than a technical blip. It extends a run of failed floors that has taken the index about 1,770 points, or roughly 7.3%, below its August 28 close of 24,142.45. And it has come with foreign selling accelerating, crude near $105 a barrel and US bond yields at their highest in more than two decades.
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