Nifty Plunges 480 Points, Housing Finance Companies Lead The Rout


markets collapsed almost 500 points intraday. The benchmark index opened around 11346 and came under heavy selling which was triggered by a massive rout in the Housing Finance Companies. Nifty crashed below the crucial 100 DMA (11000 approx) support after DHFL share price tanked 50% intraday on fears that the company might default on its loans. The benchmark index went on to make a low of 10869 and closed around the daily lower-Bollinger band (11143 approx).

Stocks Under The Scanner
In today’s trade Bharti Infratel shares rose 3.01%, while Bharat Petroleum shares rose 3.00%. YesBank shares dropped 29.46% in the course of the day’s trade.



The Outlook for 24th September 2018
Nifty Daily Chart Levels
In today’s session, Nifty witnessed heavy selling pressure triggered by a massive rout in the housing finance companies. The index fell 480 points as DHFL share price tanked more than 50% intraday. Nifty faced stiff resistance around the 50 DMA (11345 approx) and crashed below the crucial support of 100 DMA ( 11000 approx) and made a low of 10869. Going forward, Nifty is likely to face the first round of resistance around the daily lower-Bollinger band (11182 approx). If the index sustains above 11195, it will scale up to the 5 DMA (11324 approx). On the other hand if Nifty slips below 11062, it will move down to the 100 DMA (11000 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around 11143. The index is likely to find stiff resistance around the 5HMA (11180 approx). However if Nifty trades above the 10 HMA (11237 approx), the nearest upside target is around the 20 HMA (11275 approx). On the other hand if Nifty breaks and trades below the hourly lower-Bollinger band 11090 approx, it will scale down to 11060 approx. 





Nifty Large & Mid Cap Stocks




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Nifty witnessed its biggest fall since 2016 as markets collapsed almost 500 points intraday. The benchmark index opened around 11346 and came under heavy selling which was triggered by a massive rout in the Housing Finance Companies. Nifty crashed below the crucial 100 DMA (11000 approx) support after DHFL share price tanked 50% intraday on fears that the company might default on its loans. The benchmark index went on to make a low of 10869 and closed around the daily lower-Bollinger band (11143 approx).

Stocks Under The Scanner
In today’s trade Bharti Infratel shares rose 3.01%, while Bharat Petroleum shares rose 3.00%. YesBank shares dropped 29.46% in the course of the day’s trade.



The Outlook for 24th September 2018
Nifty Daily Chart Levels
In today’s session, Nifty witnessed heavy selling pressure triggered by a massive rout in the housing finance companies. The index fell 480 points as DHFL share price tanked more than 50% intraday. Nifty faced stiff resistance around the 50 DMA (11345 approx) and crashed below the crucial support of 100 DMA ( 11000 approx) and made a low of 10869. Going forward, Nifty is likely to face the first round of resistance around the daily lower-Bollinger band (11182 approx). If the index sustains above 11195, it will scale up to the 5 DMA (11324 approx). On the other hand if Nifty slips below 11062, it will move down to the 100 DMA (11000 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around 11143. The index is likely to find stiff resistance around the 5HMA (11180 approx). However if Nifty trades above the 10 HMA (11237 approx), the nearest upside target is around the 20 HMA (11275 approx). On the other hand if Nifty breaks and trades below the hourly lower-Bollinger band 11090 approx, it will scale down to 11060 approx. 





Nifty Large & Mid Cap Stocks




 
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