Nifty needs to reclaim 23,000 level to maintain bullish momentum, says analyst - Check key trading levels
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Sensex fell 143 points on Wednesday as selling in banking and power stocks hit investor sentiment.
- ✓The Nifty dropped 77.60 points to close at 22,811.35.
- ✓An analyst said, "A sustained move above 23,000 would be necessary to improve the Nifty's short-term technical outlook." Many investors now remain cautious.
Story at a Glance
- Category
- MARKET
- Reported By
- Moneycontrol
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
The equity benchmark indices extended their losses for a second consecutive session on Wednesday, with the Sensex falling 143 points, as selling in power, banking and financial stocks, along with elevated crude oil prices, weighed on investor sentiment.
Rising US bond yields and persistent selling by foreign institutional investors (FIIs) also dampened market sentiment.
An analyst said the Nifty needs to reclaim the 23,000 level to sustain its bullish momentum.
The Sensex declined 143.21 points or 0.19 percent to settle at 73,709.69. The index opened in positive territory and surged 829.29 points or 1.12 percent to hit an intraday high of 74,682.19. However, it pared its gains and fell to a low of 73,229.45 during the session.
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