Stock market crash: Sensex tanks over 4000 points this week. Can Nifty 50 save 23,250 support or more pain ahead?
Live MintStock market crash: Following the hawkish US Fed outlook on the interest rate cut and FIIs' selling, the Indian stock market snapped its four-week winning streak. In this stock market crash, the Nifty 50 index broke below its 200-DEMA support, placing at 23,800, which may have boosted the morale of Indian stock market bears. Speaking on the reason for the stock market crash last week, Mahesh M Ojha, AVP — Research at Hensex Securities, said, "The global cues turned weak after the hawkish guidance by the US Federal Reserve. Expecting the Indian stock market to remain highly volatile on Monday, Osho Krishnan, Sr. Analyst — Technical & Derivatives at Angel One, said, "From a technical standpoint, as Nifty slipped below the pivotal zone of 200 SMA, the next potential support could be seen around the recent swing low around 23,200 to 23,100 mark, while a decisive breach is likely to open further downside towards 22,800 in the near period.