Indian stock market witnesses substantial downturn, Sensex falls 736 points
On Tuesday, March 19, the Indian stock market experienced a significant downturn, causing a decline in investors’ assets. The Sensex fell by 736 points, or 1.01 per cent, closing at 72,012.05, while the Nifty 50 ended the day at 21,817.45, down 238 points, or 1.08 per cent.
Experts’ outlook on the market
Rupak De, Senior Technical Analyst at LKP Securities, highlighted that the Nifty has broken down from a rising wedge pattern on the daily chart, indicating a potential reversal of the uptrend. The index also fell below a critical short-term moving average, signaling weakening momentum. Key levels to watch include resistance at 22,000 and support at 21,800.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, noted that Nifty fell below key support levels, suggesting continued weakness in the market. Selling pressure was observed across various sectors, with IT, FMCG, and Pharma being the top laggards.
Call Put Option data and day trading stocks
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, provided insights into the Nifty and Bank Nifty Call Put Option data. Major open interest levels were observed at different strike prices, indicating potential market movements.
Stock market experts, including Sumeet Bagadia, Ganesh Dongre, Shiju Koothupalakkal, and Drumil Vithlani, recommended various stocks for day trading. These recommendations included buying opportunities in companies like RHI Magnesita India, Polyplex, Delhivery, Sun Pharma, TVS Motor, Mazagon Dock Shipbuilders, Carborundum Universal, KPR Mill, and Indusind Bank.
Investors are advised to consult with certified experts before making any investment decisions. The market is expected to remain volatile as global central banks convene for meetings, and caution is advised during this period of uncertainty.
