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The Nifty hit a new low, marking its lowest point in over a month, as it closed down by 1.08 percent or 238.3 points at 21,817.5 on Tuesday.
Trading volumes in the NSE cash market were modest at Rs. 0.83 lakh crore. Despite the negative advance-decline ratio at 0.36:1, the midcap index experienced a sharper decline compared to the Nifty.
In Asia, stock performance was mixed on Tuesday following the Bank of Japan’s decision to raise its benchmark interest rate for the first time in 17 years, signaling the end of its long-standing negative rate policy. This move by the Bank of Japan marks the termination of the world’s final negative interest rate policy in the country.
Analysts pointed out a breach of the Nifty’s support level at 21,745 could potentially intensify the downward trend, while resistance might be encountered around 21,905. The next significant support levels to monitor are around 21,500 within the next week. Any upward movement towards 22,000 could present a selling opportunity, they advise.
After a long period of consolidation, the Nifty experienced a significant downward breakout on Tuesday, closing lower by 238 points. From the opening bell, the market displayed weakness throughout the session on Tuesday. It may further decline shortly, analysts said.
