Indian equity markets ended lower on Tuesday, September 8, extending their decline to a seven-week low as elevated crude oil prices and persistent geopolitical uncertainty weighed on investor sentiment.
Selling pressure remained evident through the session.Technically, the index has weakened further, while rising crude prices are likely to add to inflationary pressures.
The Nifty has found initial support around its previous swing low, while the daily Relative Strength Index (RSI) is showing positive divergence, indicating a possible shift in momentum.“Going forward, 23,600 is likely to act as a crucial support for the Nifty.
If the index holds above 23,600, we may see a decent recovery, which could take the Nifty towards 24,000 and higher in the short term,” said Rupak De, senior technical analyst at LKP Securities.Against this backdrop, shares of Bank of Baroda, Sanofi India, Piramal Finance, Tata Capital and several other companies are likely to remain in focus on Wednesday following key corporate developments.BioconActive Pine is likely to sell up to 1.66 crore shares, or a 1% stake, in Biocon through a block deal worth around Rs 638.4 crore.The floor price has been fixed at Rs 385 per share, representing a discount of up to 1.9% to the current market price.
