Benchmark equity indices witnessed heavy losses last amid the prevailing negative sentiment in the market, and Trump's re-assertion of imposing tariffs on neighbouring countries, and others. Trump vowed to impose up to 25 per cent tariffs on Canada and Mexico; and an additional 10 per cent on China from March 04 onwards.
Trump had already announced a 10 per cent tariff on Chinese goods earlier, which was to commence in March, That apart, Trump has threatened up to 25 per cent tariff on EU countries.
Meanwhile, foreign institutional investors (FIIs) continued to remain net sellers in Indian stock market. On Friday, they net sold stocks to the tune of Rs 11,639 crore, taking the monthly tally to a net outflow of Rs 58,988 crore.
On the Bombay Stock Exchange (BSE), the Sensex nose-dived to a low of 73,141, and eventually ended the holiday-shortened week with a loss of 2.8 per cent or 2,113 points at 73,198.
The National Stock Exchange (NSE) Nifty 50 index tumbled to a low of 22,105 - its lowest point in the last eight months. The Nifty ended the week with a loss of 2.9 per cent or 671 points at 22,125.
In the process, the Nifty has now crashed nearly 16 per cent from its all-time high of 26,277 hit on September 27, 2024. Another 5 per cent fall from present levels can drag the NSE Nifty into a bear market territory. Here's what the
experts believe can happen.
As many as 46 out of the Nifty 50 shares ended with losses last week. Tech Mahindra, Wipro and UltraTech Cement were the major losers, as these stocks shed 9 - 10 per cent in values. TCS, Tata Motors, HCL Technologies, Bajaj Auto, Infosys, ONGC, BPCL, IndusInd Bank, Grasim and Britannia were the other significant losers - down 5 - 8 per cent each.
On the positive front, Shriram Finance was the biggest gainer, up 5.5 per cent for the week. HDFC Bank, Bajaj Finance and Axis Bank were the other shares to finish the week in green.
Technical Outlook for the week ahead: BSE Sensex 30 index Last close: 73,198
Support: 72,780; 72,525; 72,315
Resistance: 73,870; 74,080; 74,300
The
Sensex has shed 6.5 per cent thus far in the calendar year 2025; and has shed 15 per cent form its summit at 85,978. Technically, the BSE Sensex remains in oversold zone given the sharp fall. The index has now broken key support levels on the quarterly and yearly Fibonacci charts; which implies that the negative bias may prevail for longer.
Chart shows, that the BSE Sensex can now slide to 72,000-mark in the near-term. This week the Sensex may seek support around 72,780 - 72,525 - 72,315 levels. The near-term bias is likely to remain weak below 73,300 levels. As per the long-term chart, below 72,000-mark, the next major support levels for the Sensex stand at 70,150 and 69,000.
ALSO READ: Will Sensex fall to 69,000 or cross 100,000 in 2025? What tech charts say In case of a pullback, the Sensex can potentially surge to 76,300 levels in the month of March; with interim resistance expected around 74,350 and 75,150 levels. This week, the Sensex may face resistance around 73,870 - 74,080 and 74,300 levels.
NSE Nifty 50 index Last close: 22,125
Support: 22,000; 21,950; 21,850
Resistance: 22,450; 22,550; 22,670
Even as the
Nifty quotes in an oversold zone on the daily scale - with the 14-day RSI (Relative Strength Index) reading of 22-odd levels, other key technical indicators are showing signs of bears gaining grip over the market. Technically, a RSI reading below 30 is considered oversold. However, the ADX (Average Directional Index) and the MACD (Moving Average Convergence-Divergence) indicators are clearly in favour of further downside on the daily scale.
Chart shows that the bears are likely to have an upper-hand as long as the index trades below 22,200 levels. That apart, the Nifty has given a monthly close below its 20-MMA (Monthly Moving Average) for the first time since June 2022. The Nifty now seems on course to test its super trend line support at 21,515 levels; with interim support for the index anticipated around 21,850 levels - wherein stands the 100-WMA (Weekly Moving Average).
In the week ahead, sustenance above 22,200 holds the key for arresting the present downward momentum. For now, upside on the Nifty seems capped around 22,900 levels, with intermediate resistance placed at 22,450 - 22,550 and 22,670 levels. Near support for the index can be anticipated around 22,000 - 21,950 levels.
 "Sensex chart flags new worries, may test 72,000; levels to track this week")
