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.
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This story is from the November 05, 2024 edition of Business Standard.
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