Nifty 50 Prediction: More selling pressure to push the index to 14,400 . can drag
Nifty 50 Prediction, Nifty 50 Chart: Domestic equity indices erased early morning gains amid a bearish trend in global markets in the backdrop of the Federal Reserve’s decision to hike rates.
Despite gains in the opening session on Thursday, both Sensex and Nifty closed in the red for the fifth consecutive day. The BSE benchmark ended at 51,495.79, down 1,045.60 points or 1.99 per cent. Similarly, the NSE Nifty closed at 15,360.60, down 331.55 points or 2.11 per cent.
Markets at 52 week low
Benchmark indices also touched new 52-week lows during today’s session as Nifty 50 fell to 15,335.10 and Sensex at 51,425.48.
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From the Nifty 50 pack, except Britannia and Nestle India, all other stocks ended in the red. All sectoral indices also closed in the red. Nifty Metal was the top gainer in today’s session, breaking over 5%. Tata Steel, Hindalco (falling over 6% each), Tata Motors, ONC and Coal India were the biggest laggards.
Tata Steel, Tech Mahindra, IndusInd Bank, Wipro, Bharti Airtel, Bajaj Finance, Kotak Mahindra Bank and NTPC were the top losers from the Sensex pack. Nestle India was the only gainer. 2,754 shares declined, while 620 advanced and 100 shares remained unchanged. All sectoral indices on the BSE also closed lower, with the metal falling 5.48%.
Big loss to investors
Investors lost Rs 5.54 lakh crore in today’s session, the market capitalization of all the firms listed on BSE stood at Rs 2,39,20,631.65 crore.
Ravi Singhal, vice chairman, GCL Securities, said early gains were led by an in-line Fed Reserve policy announced last night. But bearish fears dampened sentiments after a steep hike of 75 bps in the benchmark lending rate. Notably, stock exchanges in the US ended the overnight session with sharp gains.
nifty 50 chart
Singhal said that the Nifty is looking weak and may fall to 15,000 soon. “Nifty still looking weak for this month, aiming for 15,200-15,000 in the coming week. 15200/15000 is the next important support. We may see some relief rally from these levels. But if it breaks these levels. If fails to maintain, the gate opens at 14,400-14,300.”
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Manoj Dalmiya, Founder & Director, Profitable Equities said that Nifty has broken the major support of 15,500 today.
He said, “Nifty can remain in the range of 15,000 to 15,700 in the coming days. If the selling pressure continues then Rs 14,200 is possible as per technical support and analysis.
According to data from the National Securities Depository Limited (NSDL), foreign institutional investors (FIIs) have sold off nearly 80% of the holdings they bought since the fall in stock prices in 2020. The data showed that FII has downgraded shares of Rs. 14,217 crore from the beginning of the financial year 2021-22 till June 10 this year.
Notably, Nifty 50 has corrected over 17% from its all-time high of 18,604 in October 2021.