The Indian stock market crashed on Tuesday, 3 June 2025, due to weak global cues and rising concerns over stretched valuations and foreign capital outflow.
The Nifty 50 index closed 0.70 per cent lower at 24,542.50 points, compared to 24,716.60 points at the previous market session.
The BSE Sensex closed 0.78 per cent lower at 80,737.51 points, compared to 81,373.75 points at the previous stock market session.
Trade Setup for Wednesday
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, "Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ended 174 points lower, while the Sensex was down by 636 points. Among sectors, the Private Bank index lost the most, shedding 1.25 per cent, whereas despite the weak market sentiment, the Reality and Defence indices outperformed, rallying over 1 per cent."
"Technically, after a positive open, the market slipped below the 20-day SMA (Simple Moving Average) or 24,700/81,300, and thereafter, selling pressure intensified. On daily charts, a long bearish candle has formed, and on intraday charts, a lower top formation is holding, which is largely negative," said the stock market expert.
"We believe that the intraday market texture is weak, but a fresh sell-off is possible only if the level of 24,450/80,500 is breached. Below this, the index could decline to 24,320-24,300/80,100-80,000. On the upside, if the index moves above 24,600/81,000, a quick pullback rally towards the 20-day SMA or 24,700/81,300 could occur. Further upside may also continue, potentially lifting the market up to 24,760/81,500," said Chouhan.
source: Mint
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