Extending losses to the second consecutive session, the Indian stock market benchmarks, the Sensex and the Nifty 50, ended lower on Monday, May 19, tracking weak global cues. The Sensex closed 271 points, or 0.33 per cent, lower at 82,059.42, while the Nifty 50 settled at 24,944.45, down 75 points, or 0.30 per cent.
The mid- and small-cap segments continued their outperformance, as the BSE Midcap and Smallcap indices rose 0.27 per cent and 0.75 per cent, respectively.
The Nifty 50 slipped below the 25,000 mark, and the volatility index, India VIX, jumped nearly 5 per cent, indicating cautious market sentiment.
According to Jatin Gedia, a technical research analyst at Mirae Asset Sharekhan, the Nifty 50 has been forming narrow range candles on the daily charts for the last couple of sessions, while the Hourly momentum indicator has triggered a negative crossover, which is a sign of consolidation in the near term.
“The index is approaching the support zone of 24,880 – 24,800, which coincides with the 40-hour moving average and the 50 per cent Fibonacci retracement of the up move from 24,494 – 25,116. We expect the Nifty to hold this support zone and resume its up move towards 25,300. A close below 24,700 would weaken the structure,” said Gedia.
(This is a developing story. Please check back for fresh updates.)
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