As long as the contract trades below 14,500, the near-term stance will remain bearish
The Sensex and the Nifty 50 started the session marginally in the negative territory and bounced up initially. But they failed to sustain in the positive territory. The benchmark indices slipped into the negative territory witnessing selling interest.
Asian markets are displaying mixed cues. The Nikkei 225 is trading marginally in the positive at 29,642, while the Hang Seng index has slumped 0.6 per cent to 28,737 in today’s session. China’s CSI 300 index is also down 0.76 per cent at 4,942.
On the domestic front, the Sensex and the Nifty 50 have fallen about 0.6 per cent each. The market breadth of the Nifty 50 is biased towards declines. There is an increase in volatility as the India VIX index has jumped 3.7 per cent to 21.2 levels. Both the Nifty mid- and small-cap indices have declined 0.45 per cent and 0.6 per cent respectively. Selling interest is witnessed in the Nifty Auto and PSU Bank indices that have fallen 2 per cent and 1.7 per cent respectively. Only Nifty Pharma and Metal indices are featuring in the positive arena, gaining 1.1 per cent and 0.5 per cent respectively.