The Indian equity market continued its losing streak for the fifth straight session on February 11, with Sensex dropping 1,018.20 points (-1.32%) to close at 76,296.55 and Nifty declining 309.80 points (-1.32%) to end at 23,071.80. Broader markets underperformed, with the Nifty Midcap 100 and Smallcap 100 indices falling by 3.02% and 3.45%, respectively. Key stocks like Elgi Equipments, Info Edge, Tilaknagar Industries, and Devyani International witnessed notable losses, while BLS E-Services bucked the trend with robust Q3 gains.
Hrishikesh Yedve’s Commentary
According to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd. (A Pantomath Group Company), Nifty opened flat and faced heavy selling pressure, closing negatively at 23,072 levels. India VIX rose 2.94% to 14.87, signaling heightened market volatility.
Technically, Nifty broke its 21-Days Simple Moving Average (DSMA) support, forming a big red candle, indicating bearish momentum. Key support lies at 23,000, and resistance at 23,275 suggests adopting a sell-on-rise strategy. Similarly, Bank Nifty ended at 49,403, breaking the 49,650-49,700 support zone. Resistance is seen at 49,700, with key support at 48,900.
Today’s decline was fueled by ongoing foreign fund outflows and global trade concerns, with investors maintaining a cautious outlook amid persistent volatility.
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