business

Live: Nifty Poised For More Selloff Amid HMPV Scare? How To Trade PSU Banks Post Slump| Opening Bell

Indian equity market was caught in a complete bear trap on January 6, with the Nifty 50 falling 1.6% due to selling across sectors, breaking the crucial support of the 200-day EMA (23,700). The index extended its downtrend for the second consecutive session, with a negative bias in momentum indicators. If the index sustains below the 200-day EMA, the immediate downside target would be 23,450-23,500 (around the December low), followed by 23,263, which is a crucial support level. HMPV scare, continued dollar strength, FII selling and caution ahead of Q3 earnings are some of the factors that led to the steep selloff. This morning global cues are positive with the GIFT Nifty signalling a positive start. Catch Nandita Khemka in conversation with Nilesh Jain, Head AVP- Derivative and Technical Research, Centrum Broking and Sandeep Bagla, CEO, TRUST Mutual Fund

first published: Jan 7, 2025 09:00 am