All the sectoral indices ended in the red with Nifty PSU Bank index falling nearly 4%. BSE Midcap and Smallcap indices shed 2% each.
Indian equity benchmarks ended lower for the third consecutive session on Tuesday due to concerns over rising bond yields and inflation. The Sensex fell 0.06% to end at 50,363.96, while the Nifty closed 0.13% lower at 14,910.45. PSU banks were the worst hit after the nationwide strike of Banking officials against the privatization move of the Center.
The index fell for the fourth consecutive session and formed a bearish candle on the daily charts as the closing was lower than opening levels. Experts feel the index needs to hold on to 14,700 support levels to get a strong bounce back in coming sessions, otherwise further correction looks possible.
Extending its losses, the Nifty50 index settled over a percent lower on March 17 as investors adopted a cautious approach ahead of the Federal Reserve meet outcome due later in the day.
Chartviewindia advises intraday traders to go short below 14,690 levels and look for a modest target of 14,630 by placing a stop above intraday high.
The Nifty50 opened higher at 14,946.55 and hit a day’s high of 14,956.55, but immediately drifted lower as the day progressed to hit an intraday low of 14,696.05 in late trade. The index settled at 14,721.30, down 189.20 points or 1.27 percent.