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The last week's low point of 19,250 is expected to be crucial this week as well. A breach of this level may pull down the index up to the psychological 19,000 mark, whereas on the higher side, 19,400-19,500 can be critical hurdles, experts said
Indian markets started positively, buoyed by neutral global cues. All sector indices were in the green. Calls and puts indicated resistance at 19,300, while 19,400 and 19,500 showed stronger hurdles. 19250 marked a crucial support level, while Nifty's sustainability above 19370-19400 could signal revival.
The US market's weakness led to a sluggish start in the Indian market. Key sectors like IT, oil & gas, metal, and realty were down, while power indices showed a modest rise. Call writers dominated with heavy call writing at 19400 strike, forming a resistance. The breach of 50EMA at 19270 could signal further weakness. Analysts suggest a breach below 19250-19300 range could lead to more decline, while 19500-19650 poses strong resistance.
Analysts pointed out that the rising US bond yields continue to create havoc in world currency markets, fuelling a sell-off in equity markets.
Most sectoral indices trade in the red except for banking and pharma. Key indices lacked strong movement, reflecting market uncertainty. Analysts see the 19,900-19,200 consolidation phase as a healthy retracement and advise accumulating quality stocks during dips.