Nifty to opening gap down by 10 points against yesterday's close of 10,249 as indicated by SGX Nifty which is currently trading at 10,221, says Dynamic Levels.
Dynamic Levels' Market Outlook:
Indian benchmark index Nifty registered a steep fall for the fifth straight day with concerns over the Indian banking sector after financial fraud at Punjab National Bank.
Banking stocks tumbled on reports that the Serious Fraud Investigation Office summoned ICICI Bank MD & CEO Chanda Kochhar and Axis Bank MD Shikha Sharma in the Rs 12,800 crore PNB fraud case.
The index fell 109 points or 1.06 percent to close at 10249. Major players of the market FII & PRO have a net sell position for 267163 contracts till March 6, 2018 and for current expiry FII & PRO have sell position of 14,0591 contracts.
Nifty broke its important support of 10,276 yesterday, which suggests further selling in the market.
Small cap index also traded weak and closed at 8,135 after making low of 8,104.The index posted a loss of 116 points or 1.41 percent from its previous close.
Nifty Future is opening gap down by 10 points against yesterday's close of 10,249 as indicated by SGX Nifty which is currently trading at 10,221.
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