Nifty continues with its down move;
Last hour sell off drags index lowest closing since mid December.
Yesterday the nifty took its losing streak to the 5th consecutive session, breaking its decisive 10300-630 range to confirm a downtrend.
The last hour selling in markets, weakened bulls control on D-Street, which was largely led by a selloff in banking space.
Nifty opened positive, but failed to hold above its immediate hurdle of 10430 and witnessed a sharp drop towards 10215. Now, holding below 10300-10333 could extend its weakness towards 10200 and then 10100-10074 and 9736.
Bank Nifty slumps about 5% in last 5 sessions. The weakness in banking stocks is weighing on overall market performance.
The financial sector accounts for a third of the weight in the benchmark Sensex and Nifty indices. Bank nifty opened positive, but failed to hold above 25000 and witnessed a sharp drop towards 24350.
The index also broke its 200 DMA level and forming lower tops and lower bottoms on the weekly scale. Now, as long as it holds below the 24750-24800 weakness could continue to take it towards 23900 – 23600 while hurdles are seen at the psychologically 25000 zones.