Major Indian Index Nifty and Sensex opened negative and after two failed attempts to stay positive Nifty Slipped -1.16% and Sensex slipped -1.15%. Both the Indices gave conformation of 20DMA negative breakout which happened yesterday. Indian Market ended up its 8 week low.
Today all the major Indices were negative; India VIX was up by 2.36%. The major losers in stock are SSTL, ONGC, Tata Power, Tata Steel and the top gainers are M&M, Dr. Reddy, Sun Pharma and HCL Tech
Most of all Asian Markets are in negative in which Chinese market fell over 5% creating a major fall since 2009. Meanwhile Brent Crude oil hit its 5 year low at USD 66/Barrel.
Technical Analyst predicts 100DMA can be the next support for Nifty and Sensex. Indian stock market is likely to consolidate further this week. Traders say weak global cues and rise in current account deficit (CAD) is the major reason for today’s fall.