Market in a ‘steel price trap’, status changes to ‘downtrend’
The fall in steel stock prices has altered the market trajectory to a ‘downtrend’. The National Stock Exchange Nifty has declined 514 points, or 2.84 per cent, in the past two trading sessions to close at 17,604. “We shifted the market status to a downtrend as the Nifty breached its recent correction low of 17,661. Many stocks continued to take on technical damage, with many moving deeper into their respective bases and breaking below the logical support levels,” read a note by MarketSmith India – an investment research platform. Analysts say if the Nifty fails to sustain above Friday’s low of 17,493 in the next few sessions, more selling could emerge.
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