Buy or sell stocks: Indian equity benchmarks, the Sensex and Nifty 50, fell sharply on Tuesday, September 8, extending their decline for the second straight trading session.
The Sensex dropped 555 points, or around 0.73%, to end at 75,577.58. Meanwhile, the NSE Nifty 50 declined 144 points, or 0.61%, to close at 23,635.10.
Nifty 50 closed at 23,635.10, down 144.05 points (-0.61%), extending its decline for the second straight session. Persistent selling after the opening weakness pushed the index close to its intraday low, while elevated crude prices and renewed West Asia geopolitical concerns continued to keep sentiment subdued. With RSI at 30.88, momentum remains weak, although the index is nearing oversold territory.
“The 23,500–23,580 zone is the immediate support, and a sustained break below this area could open room for further downside. On the upside, 23,800–23,870 is the first hurdle, followed by 23,950–24,000 and the 50-Day EMA near 24,116. Overall, the short-term bias remains bearish, with any recovery likely to face selling pressure unless key resistance levels are reclaimed,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty closed at 56,777.55, down 310.75 points (-0.54%), continuing its weak trajectory amid pressure across private banks and financial stocks. The index remained below the previous close throughout most of the session and ended near the lower levels, keeping the near-term structure under pressure.