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On account of global markets unable to digest the spike in Coronavirus cases, the Indian indices dipped to the tune of 1.75 per cent on Tuesday. The BSE Sensex crashed 631 points and closed at 36,0061 mark while the NSE Nifty index nosedived 191 points and closed at 10,609 levels. Bank Nifty index crashed over 3 per cent in the intraday trade session and ended at 21,419 levels. Banking and finance, power, metal and auto shares bleed heavily in today’s selloff pressure.
Speaking on whether the market has topped-out after making its 4-month high on Monday; SEBI registered technical equity analyst Simi Bhaumik said, “It’s too early to say whether the stock market of India has topped-out or not but if the NSE Nifty goes below 10,500 then there can be further weakness expected at Dalal Street and then we will have to concluded that the market has topped-out. Right now, the NSE Nifty is having strong technical support at 10,500 while it has strong resistance at 10,850. Bullish or bearish trend can be confirmed only on the breakage of either side of the range.” Bhaumik said that banking stocks are showing weakness but Bank Nifty has strong technical support at 21,200 to 21,00 levels and breakage of this level would also mean market has topped-out.