Concerns about a potential US recession have led to a dramatic sell-off in equities worldwide with the Nifty plunging 824 points, falling below 24,000 for the first time since late June. Post today’s crash, technical experts tell us what are the key support and resistance levels for Nifty
Concerns about a potential U.S. recession have led to a dramatic sell-off in equities worldwide, amplifying investor anxiety. The Nifty 50 plunged 824 points, falling below 24,000 for the first time since late June, while the S&P BSE Sensex dropped by 2,686 points to an intra-day low of 78,295.
This sharp decline was triggered by disappointing U.S. economic data for June, which revealed the fastest contraction in manufacturing activity since December 2023, slowed job growth, and an unexpected rise in the unemployment rate to 4.3 percent, its highest level since October 2021. Furthermore, rising tensions in the Middle East further exacerbated investor anxiety.
“The Indian benchmark indices experienced a continued decline for the second consecutive session, with the Nifty50 plummeting nearly 3.5% and the Sensex dropping more than 4% from their all-time highs recorded last week. This significant sell-off in domestic equities has been primarily driven by weak global sentiments following disappointing U.S. economic data, particularly non-farm payrolls, manufacturing PMI, and jobless claims, which have raised concerns about a potential economic slowdown in the world’s largest economy. Additionally, the yen carry trade has further dampened global sentiment,” said Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services.