F&O Talk: Nifty plunged 2% this week. Do charts indicate a bearish picture for coming week?
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Nifty and Sensex fell more than 2% last week, snapping a two-week gaining streak.
- ✓Sudeep Shah of SBI Securities said, "Nifty's recovery attempt hit a wall at the 38.2% Fibonacci retracement level." Rising oil prices and FII selling spooked investors, while midcap and smallcap stocks saw even deeper losses this week.
Story at a Glance
- Category
- MARKET
- Reported By
- Economic Times
- Reading Speed
- 7 Minute(s)
- Market Focus
- India Economy
SBI Securities' Sudeep Shah expects continued weakness in Indian equities as FII positioning, rising volatility and technical indicators point to further pressure. He identifies key Nifty support and resistance levels and flags IT as a relatively stronger sector.
The Indian stock market came under renewed selling pressure during the holiday-shortened last week as rising oil prices, persistent FII selloff and other headwinds spooked investors on Dalal Street, pushing Nifty and Sensex down more than 2% to snap a two-week gaining streak.
Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, interacted with ETMarkets regarding the outlook for the coming week. The following are the edited excerpts from his chat:
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
Economic Times
Read the full, original unfiltered story directly on the publisher's portal.