In the last two trading days, there has been a huge decline in the Indian stock market. During two trading days, investors lost more than Rs 20 lakh crore. The biggest reason for this is the fear of recession in the US. Apart from this, the Japanese government has increased the rate, while the possibility of war between Iran and Israel has brought a big decline in the market. However, now some stock markets of the world are seeing a rise.
Japan (NIKKEI 225) and South Korea (COSPI) stock exchanges today rose by up to 11 percent in early trade, after a huge fall in the previous session, while the US stock market is still declining. At the same time, a slight increase has been seen in the Hong Kong stock market. The Australian market has also opened with a slight increase. In such a situation, will the Sensex and Nifty improve today?
What is Gift Nifty indicating?
At 7.04 am, the Nifty was trading 195.50 points or 0.81 per cent higher at 24,317.50, indicating a strong opening for the domestic market. While fears of a recession in the US have weighed on investor sentiment, a drop in yen carry trades, fears of Iran attacking Israel anytime, disappointing quarterly results in India and high valuations have added to the turmoil.
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US stock market closed down by 3 percent
US stock markets closed down by 3 percent overnight. Earlier on Monday, the Sensex closed down 2,222.55 points or 2.74 percent at 78,759.40. Nifty closed down 662.10 points or 2.68 percent at 24,055.60. This is much lower than the Nifty’s low of 24,074.20 on July 23.
What will be the support of Sensex-Nifty?
Kotak Securities’ equity research head Srikant Chauhan said that there has been a lot of decline. Now we are expecting a pullback in intraday. The support for Nifty and Sensex will be 24,000 and 78,500 levels. Above this, there can be a pullback at the level of 24,150-24,250 and 79,000-79,300. On the other hand, they say that the level of Nifty below 24,000 and the value of Sensex below 78,500 can increase the pressure.
Source (PTI) (NDTV) (HINDUSTANTIMES)