Nifty Plunges 1.64% Amid Global Risk-Off Sentiment - Tradebulls Securities Pvt Ltd
Nifty
Nifty witnessed a sharp sell-off yesterday, declining 1.64% to close at 23063, as rising crude oil prices, elevated US bond yields and renewed geopolitical concerns triggered broad-based risk aversion. The index also slipped below the recent stabilisation zone and tested the crucial 23000 support, indicating that the earlier Inside Bar-led recovery attempt has come under pressure. A sustained hold above 23000 could still allow some consolidation or technical pullback, particularly after the sharp one-day decline, but any decisive close below this level would invalidate the stabilisation structure and expose 22880 initially, followed by lower support zones. On the upside, 23340 now becomes the immediate pullback resistance, while a sustained reclaim of 23520 would be required to restore some confidence in the rebound. The broader trend, however, remains under pressure until Nifty decisively reclaims 24050. With Brent remaining elevated above $100 and US Treasury yields near multi-year highs, macro headwinds continue to constrain risk appetite. Traders should therefore avoid aggressive directional exposure and continue to favour stock-specific opportunities with disciplined risk management, while closely monitoring the 23000 support for signs of exhaustion or further breakdown.
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