Sensex plunged 523.00 points, or 0.73%, to close at 71,072.49, while the Nifty 50 settled 166.45 points, or 0.76%, lower at 21,616.05. Nifty 50 formed a long bear candle on the daily chart that placed it at the edge of the downside breakout of the crucial support of the uptrend line at 21,600 levels. Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, inflation to Bitcoin price rally “The weakness in the benchmark Nifty was accompanied by a deep cut in the broader market indices like midcap and small-cap segments on Monday.
This is not a good sign. The short-term trend of Nifty is negative. The benchmark and broader market indices are now placed to show further weakness in the near term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
According to Shetti, the next lower support for the Nifty is at 21,200 - 21,150 levels for this week. Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty call side revealed the highest Open Interest (OI) at 21,800, followed by 22,000 strike prices. On the put side, the maximum OI was observed at the 21,500 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.
Also Read: Day trading guide for stock market today: Six stocks to buy or sell on Tuesday — 13th February Nifty slipped into weakness and ended the day lower by 166 points on February 12. “Nifty declined further after a consolidation breakdown on the hourly chart, indicating an increase in pessimism. The daily chart shows the index forming a lower top, signaling diminishing bullish sentiment.Read more on livemint.com