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Metals fall and bring Nifty down with volatility kicking in. More fall coming?

Good Evening, Everyone, Nifty opened with a big gap up and then tried to reverse but could not sustain and then fell again. We did expect the market to consolidate and fall slightly today, but there was a surprisingly higher fall in the Metals than expected.

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On the daily chart, Nifty has formed a bearish candle, that shows that more weakness is coming ahead.

The DIIs have sold big for Rs. 1626.58 crores while the FIIs continued buying to the tune of Rs. 92.54 Crores.

Sector Watch:

As discussed in our community today, Metals stock fell the highest which led to the big fall in Nifty too, followed by PSU banks.

Top Gainers:

Our favourite FMCG stock continued the upwards movement as ITC was again among the top gainers of the day along with HUL & Nestle.

Top Losers:

No guesses are required here as we could see most metal stocks appearing in the top loser section led by Tata Steel.

Two key factors playing on the minds of global investors include the upcoming Fed meeting and the uncertainty building up in the Chinese real estate market due to stress on one of the major property players in the country. Let see what happens tomorrow.


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