Fault lines of fear threaten to fracture equity market's fragile core

Seismic shifts in sentiment call for a cautious, sell-on-rise approach: Analysts

The benchmark Nifty 50 has recorded its third consecutive weekly decline and remains exposed to further losses as critical support levels have yet to be tested, according to technical analysts.

 

The 50-share blue-chip index closed at 23,092 on Friday, shedding 913 points, or 3.8 per cent, over the past three weeks.

 

The Nifty 50, which has been trending lower, is expected to encounter strong resistance in the 23,450–23,650 range, said Ajit Mishra, senior vice-president of research at Religare Broking.

 

Last week, broader markets took a larger hit, with the Nifty Smallcap 100 index falling 4.1 per cent, while the Nifty