NEW DELHI: Dalal Street traders turned extremely bearish on Nifty50 formed a long bearish candle for the day after the Maharashtra government imposed serious curbs in the state to stem the spread of Covid infection.
Nifty50 tumbled 229 points, or 1.54 per cent, to 14,637 level. At one point of the day, the index had lost over 400 pints, but recovered some ground as some buying emerged at lower levels. Analysts said that buying may prove non-consequential.
“Albeit Nifty50 recovered around 180 points from its intraday low of 14,459, it seems to have resumed its downswing, as the negative advance-decline ratio was decisively skewed in favour of the bears,” said Mazhar Mohammad, Chief Strategist for Technical Research & Trading Advisory at Chartviewindia.in.