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Today’s trading session witnessed heavy volatility in the Indian stock market. After a strong start to the morning trade, the market failed to sustain higher levels and suddenly faltered under profit-booking pressure. The Bombay Stock Exchange (BSE) sensitive index Sensex fell by more than 400 points from its day’s high. Similarly, Nifty of National Stock Exchange (NSE) also closed below the psychological level of 23,950 due to all-round selling pressure. This sudden fall in Dalal Street has raised some concerns among investors as heavy profit booking was seen at upper levels in key sectors.
Market mood deteriorated due to profit booking in banking and IT stocks The main reason behind this sudden decline in the market is believed to be the selling of heavyweight shares. Banking, auto and IT indices, which supported the market in the initial session, came under pressure after noon. The weakness in Nifty Bank and financial services sector shares affected the entire market sentiment. Analysts say that due to mixed signals from global markets and profit booking by short-term traders in the Indian market which is continuously running at record high, this sharp fall has been recorded in the indices, due to which Nifty could not maintain the important support level of 23,950.
Ashoka Buildcon shares fell 14 percent amid selling Even though the key indices closed in the red, strong buying was seen at some counters in the midcap and infrastructure space. The biggest attraction of today’s session was the shares of Ashoka Buildcon. On the basis of the news of new big orders received by the company and strong business outlook, investors invested heavily in this stock, due to which the share of Ashoka Buildcon proved to be a blockbuster performer with a huge gain of more than 14 percent. The huge volume in this stock made it clear that despite the market decline, there is plenty of action in selected midcap stocks.
What is the opinion of market experts and main support levels for what lies ahead? According to technical analysts and market experts, Nifty falling below 23,950 may indicate short-term weakness. The next strong support on the downside for the market in the coming days is now seen at the level of 23,800. If the market breaks this level also, the fall may increase. However, experts also believe that this decline should be seen as a healthy correction. Retail investors have been advised to adopt the strategy of buying on dips only in stocks with strong fundamentals and good quality in such a volatile market.