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economictimes.indiatimes.com / 1 year ago
Stocks to trade: Raja Venkatraman recommends three stocks to buy today — 11 March
Subscribe to enjoy similar stories. Indian stock markets fell on Monday due to various global and domestic factors. The Sensex dropped over 700 points from its intraday high to close 217 points lower at 74,115.17.
The Nifty fell below the 22,500 mark, ending the day at 22,460.30, down 92 points. The selloff was attributed to weak cues from global markets, including a significant decline in US stock futures, concerns over trade tensions, and upcoming economic indicators like inflation data from the US and India. US President Donald Trump's remarks on economic "transition" and the announcement of tariffs on steel and aluminum imports added to market jitters, raising fears of reciprocal measures on Indian exports.
Moving to the charts, we note that the trends have been largely oriented towards trading rather than investing. Hence, from a trading perspective, we can note that on the hourly charts, the gap area around 22800, combined with the 38.2% Fibonacci resistance trendline, has curtailed the prices. The sharp rally that we witnessed last week is now facing challenges to stage a further up move.
The emerging trend suggests that the rally seen last week was a relief rally that retraced one-third of the fall seen since February highs. Hence, one should track the trends that are in progress, as the upmove needs to continue above 22800 to reinstate the bullish bias. Momentums on hourly charts indicate that the prices, after settling down, seem to have witnessed a resumption of selling pressure.
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AI startup Perplexity confirms interest to buy TikTok economictimes.indiatimes.com / 1 year ago
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