Share Market Update: Sensex fell by 1000 points, Nifty also down by 300 points, know why there was panic in the market?

Business Desk- Share Market Update: Due to increasing tension in the Middle East and rise in crude oil prices, there is a decline in the stock market today, Monday 18th May. Sensex is down 1000 points (1.34%) and is trading at 74,200. Nifty is also down 300 points (1.32%), it has come near 23,300.

Immediate resistance for the market is in the range of 75,600 to 76,000, while strong support is seen around the zone of 74,500 to 74,200. Now the market will give a big breakout (breaking the range) on any side, only then the real movement of the market will be decided.

Mixed business was seen in Asian markets on Monday. South Korea’s Kospi index was seen trading at the level of 7617 with an increase of 109 points or 1.45%.

At the same time, Japan’s Nikkei index fell by 553 points or 0.92% and reached 60828. Hong Kong’s Hang Seng index also declined and was seen trading at the level of 25586, slipping 377 points or 1.49%.

Weakness was seen in the American markets on Friday. Dow Jones fell 537 points or 1.07% and closed at 49526. Nasdaq index fell by 410 points and reached the level of 26225. Whereas the S&P 500 index fell by 93 points or 1.24% and closed at 7409.

There is continuous selling pressure from foreign investors (FII/FPI) on the Indian market. In the last 30 days, foreign investors have sold shares worth Rs 55,567 crore. However, in the last trading session he made purchases worth Rs 1,329 crore.

On the other hand, domestic institutional investors (DIIs) have purchased Rs 61,285 crore in the last 30 days, while they sold Rs 1,959 crore in the last trading session.

Sensex

Enrich Money CEO Ponmudi R said that the Sensex is currently around the zone of 75,200 to 75,300. This shows that amidst the continuous global uncertainty and volatile market environment, the market is trying to recover slowly and carefully.

nifty 50

Akash Shah, Technical Research Analyst, Choice Broking said that if the market goes upwards, then the immediate resistance for it will be at 24,000 and 24,250. Whereas if the market falls, it can get support at 23,250 and 23,000.

If Nifty breaks the level of 23,000, then the selling pressure may increase further. Given the current market conditions, traders are advised to remain disciplined and follow a strict stop-loss strategy amid these fluctuations.