Worst not over yet? Mkt selloff may continue amid headwinds
Business Standard|November 05, 2024
Technical charts suggest Sensex can slide to 72,000 levels in the worst-case scenario
PUNEET WADHWA & REX CANO

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.

Esta historia es de la edición November 05, 2024 de Business Standard.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición November 05, 2024 de Business Standard.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE BUSINESS STANDARDVer todo
False solutions for climate change
Business Standard

False solutions for climate change

As the ghastly impacts of climate change become more visible in our everyday lives, it is hard to shake off the feeling that one must step up and do something constructive.

time-read
3 minutos  |
November 23, 2024
Expats to residents, Delhi's air is driving people out
Business Standard

Expats to residents, Delhi's air is driving people out

Embassies have stepped up efforts to deal with the situation; WFH option has residents temporarily relocating to their hometowns

time-read
3 minutos  |
November 23, 2024
Making sense of census
Business Standard

Making sense of census

For all marketing professionals working in large companies, the population census of India is a treasure trove of information.

time-read
3 minutos  |
November 23, 2024
MONEY CAN BUY YOU STARS
Business Standard

MONEY CAN BUY YOU STARS

What's behind West Asia's multi-billion charm offensive to become a destination for all kinds of sports stars?

time-read
4 minutos  |
November 23, 2024
Business Standard

Ensure low tracking error, alignment with risk appetite

Exchange-traded funds (ETFs) witnessed a sharp rise in subscriptions in October, with net investments totalling ₹13,441 crore, compared to ₹381 crore in the previous month, according to data from the Association of Mutual Funds in India (Amfi).

time-read
2 minutos  |
November 23, 2024
Strong order book to stand BEL in good stead
Business Standard

Strong order book to stand BEL in good stead

Brokerages mostly positive on the stock

time-read
2 minutos  |
November 23, 2024
Strong Q2, growth outlook drive gains for Info Edge
Business Standard

Strong Q2, growth outlook drive gains for Info Edge

The stock of online classified major Info Edge (India) was up over 6 per cent on Friday on expectations of demand improvement for Indian IT companies.

time-read
2 minutos  |
November 23, 2024
Business Standard

Regulator nod to Roshni Nadar to acquire majority stake in HCLTech

The Securities and Exchange Board of India (Sebi) on Friday gave nod to Roshni Nadar to acquire majority shareholding from her father Shiv Nadar, founder of HCL Group, in two promoter group companies.

time-read
1 min  |
November 23, 2024
Green energy stocks fail to benefit from selloff in Adani Green
Business Standard

Green energy stocks fail to benefit from selloff in Adani Green

Six of the eight stocks operating in the green energy space declined on Friday, failing to benefit from the rout in Adani Green Energy's decline over the last two sessions.

time-read
1 min  |
November 23, 2024
Business Standard

NTPC Green Energy IPO booked 2.40x on Day 3

The initial public offering (IPO) of NTPC Green Energy Ltd, the renewable energy arm of NTPC, was subscribed 2.40 times on the closing day of the share sale on Friday.

time-read
1 min  |
November 23, 2024