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.
This story is from the November 05, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 05, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Jubilant FoodWorks inks pact to buy Coca-Cola India products from Apr
Jubilant FoodWorks has signed a pact with Coca Cola India to purchase its portfolio of sparkling beverage products, a move that will allow the Indian firm to serve Coca Cola and other products of the US giant at the outlets of its franchise restaurant chains such as Domino's Pizza, Dunkin Donuts.
Gensol secures ₹897 crore solar project contract
Gensol Engineering on Thursday said it has secured a ₹897-core contract from NTPC Renewable Energy Limited (NTPC REL) for the development of 225 MW grid-connected solar projects.
IndusInd Bank to sell ₹1,573 crore of non-performing microfinance loans
Private sector lender IndusInd Bank is seeking to offload ₹1,573 crore of non-performing microfinance retail loans, amid mounting stress in the microfinance sector.
Indians grab toys, tech, gold beyond groceries
India's love for convenience and quick deliveries soared in 2024, with consumers expanding their orders beyond groceries to include everything from makeup and toys to vacuum cleaners.
After false start, 10-min food delivery back on road
India's instant food delivery platforms have witnessed a revival this year, following the failure of similar initiatives by Swiggy and Zomato in 2023.
CCI Considers Sector Specifics to Intervene: Report
The Competition Commission India (CCI) takes into account sector-specific characteristics and the larger economic and policy backdrop to intervene carefully when necessary, the antitrust watchdog said in its annual report.
Mankind inks pact with Innovent for cancer care
For the first time, Mankind has partnered a Chinese firm for novel biologics
It's new manufacturing golden age for India
Tata Group plans to create 500,000 manufacturing jobs over the next five years as it scales operations across sectors, N Chandrasekaran, chairman of the conglomerate, said on Thursday in his New Year message to employees, asserting that it was a new manufacturing \"golden age\" for India.
MPC Stance May Be Behind H1 Demand Slowdown: FinMin
A combination of monetary policy stance and macroprudential measures undertaken by the Reserve Bank of India (RBI) may have contributed to demand slowdown in the first half (April-September) of FY25, which among other factors led to lower economic growth, the finance ministry said in its latest monthly economic review.
RBI flags unsecured lending, pvt credit
The Reserve Bank of India (RBI) has flagged concerns over rising delinquency and leverage in unsecured loans, calling for enhanced vigilance despite a moderation in credit growth.
