Gold Silver Reports — The index slip down around 480 points from its high of ₹ 11,346 to ₹ 10,866 and formed a Strong Bearish Candle on daily chart.
The free fall in Yes Bank after RBI’s decision to end Rana Kapoor’s term as CEO, and impact of rupee weakness and hardening bond yield started reflecting in NBFCs hit sentiment across sectors.
Bears continued to dominate on Dalal Street for fourth day in a row on Friday as the Nifty50 after gap up opening suddenly slip sharply in afternoon and broke crucial storng support of 11,000 decisively, but managed to pull back some losses in later part of the session to close off day’s low.
Bank Nifty fell down sharply to test its swing low of 25,052 mark. It has been making lower top lower bottom formation on the daily scale and resistances are gradually shifting lower. It corrected more than 1,000 points during the session and now till it remains below 26,250 zone, overall weakness could continue with the decline towards 25,000 zones, while major hurdle is seen at 26,165 then 26,500 zones.
Read More : BSE Sensex Crashed 1500 points from day’s high, while the Nifty 50 breaches 11,000 Dragged by Finance Stocks
India VIX moved up sharply by 10.96 per cent to 15.53 and during the day it made a high of 16.92, which is the highest level since February 20, 2018.
“The index recovered by around 300 points from its panic lows but overall bears are keeping their tight grip on the market. It has also broken its support of 11,171 and till it doesn’t cross and hold above 11,333 zones, overall weakness could remain intact for a decline towards 11,000 and lower zones.”
Bank Nifty slip sharply to test its swing low of 25,052 marks. It has been making lower top – lower bottom formation on daily scale and resistances are gradually shifting lower. It corrected by more than 1,000 points during the session, before closing 680.45 points down at 25,596.90. – Neal Bhai Reports
