13:40 Update: Nifty High 9550.9, Low- 9302.90: Looks like short covering may come if Nifty is able to maintain above 9386 for 5mins. Confirmation will come if Nifty crosses 9414. CMP 9382-9386.
14:30 Market Analysis & Update:- Nifty High- 9459.9, Low- 9266.95 & Last- 9276.9: Nifty has started the sharp fall with BankNifty loosing over grounds and falling sharply below 19500. We have given off all the intraday gains that we had till 14:00 hours and had fallen sharply by over 110 points.
Except Energy stocks all the other indices are very sharply going down, with McDowell, UBL down by over 5% and ICICIPru, AsianPaint & Britannia all down by over 3%, while NewIndia up by 8% and SBILife, Marico & HPCL up by >4%.
Though markets as of now is swinging downside with Nifty Bank leading the declines, we could see some recovery if Nifty is able to trade above 9314 can test 9352 & 9386 again, we may be having a sharp decline if it breaks 9231 & 9199.