The markets started November on a somber note with the S&P BSE Sensex slipping nearly 1,500 points in intraday deals to hit a low of 78,233 levels. If technical analysts are to be believed, the index has more room for a slide down to 72,000 levels in the worst-case scenario, wiping out all the gains made in the calendar year 2024 (CY24) so far.
Technically, the BSE Sensex seems on course to test support at 78,120 levels, which was the R1 (Resistance 1) at the start of the calendar year 2024 (CY24). This resistance level is now likely to act as a support.
In case the R1 support fails to hold, the Sensex may slide towards 72,200 levels, with interim support likely around 75,900 levels, charts suggest. However, there can be intermediate bouts of recovery, which analysts expect to be met with selling. The index had closed at 78,782.24, which is nearly 3,000 points away from its interim support.
Diese Geschichte stammt aus der November 05, 2024-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der November 05, 2024-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
For a stronger share of global trade pie
India's trade relations with the world have evolved in the last 25 years. New partnerships have been forged, old ones have been strengthened, but challenges remain
Chess genius Carlsen plans modern day twists in the age-old game
Freestyle chess format includes innovations like heart rate monitors, randomised boards, and reality-style confession booths
Pieces of a Puzzle
Auto alliances have had a chequered history in India. Can the proposed Honda-Nissan merger change that?
Resource gaps present challenges to auction
The Ministry of Mines launched its first-ever offshore mineral auction in November. But a key challenge looms: There is no resource data available for seven G4 (reconnaissance) blocks of polymetallic nodules and crusts located off the coast of the Great Nicobar Island.
8 in 10 app-based taxi users notice dark patterns: Report
Eight in 10 users of app-based taxi service have noticed disparity in cab fares displayed simultaneously on Android devices and iPhones for identical rides, according to a report by LocalCircles.
NTPC partners US firm for thorium fuel
India's largest power generator NTPC Limited on Friday said it has signed a strategic pact with US-based Clean Core Thorium Energy (CCTE) to explore development and deployment of advanced nuclear energy for enriched life (Aneel).
CDSCO flags 2 drugs spurious, 111 fail quality test in Nov '24
The Central Drug Standards Control Organisation (CDSCO) on Friday flagged select batches of two drugs as spurious and listed 111 other drugs and formulations as not of standard quality.
Insurance penetration ratio has a long way to go
Do you make it simple for customers to understand? These are all crucial factors that have driven the adoption of insurance.
Delayed winter rain may bring relief to rabi crops
Delhi and its adjoining northern and central parts of the country woke up to a cold and wet day on Friday as the whole region experienced a long-awaited wet spell in December this year.
Bank Stocks Push Markets Up
Benchmark BSE Sensex rose by 226 points while Nifty settled above the 23,800 mark on Friday following gains in auto and banking shares even as investors turned cautious due to FII outflows and a record fall in the rupee.
