NEW DELHI: NSE Nifty and its BSE counterpart Sensex both shed nearly 2 percent as the broader market saw a sell-off led by bank and financial stocks. The 50-pack Nifty formed a long bearish candle on the daily chart as the index continued its losing streak for the fourth consecutive session.
On the technical front, Shrikant Chouhan of Kotak Securities said, the Nifty50 has taken support at 13,950 level and it is possible that the index may give a healthy bounceback to 14,400-14,500 ahead of the Budget or the day of the Budget.
“Indian bourses mirrored mixed sentiment from global peers with a downward rally owing to consecutive days of FII selling. Barring the defensive FMCG segment, all sectors traded in the red zone, with banking and pharma stocks being the worst hit. The global markets were mixed today ahead of the US Fed meeting amid uncertainty over the US stimulus. We should expect higher volatility in the coming days given pre-Budget event risk," said Vinod Nair, Head of Research at Geojit Financial Services.