Indian Stock Markets Face Heavy Sell-Off as Indices Drop More Than 1.5 Percent

The Indian stock market suffered heavy losses as headline indices closed more than 1.5 percent lower, erasing recent gains and falling below key psychological levels. Investor sentiment took a hit due to surging global bond yields and volatility in crude oil prices. The Nifty 50 plunged 1.64 percent to settle at 25,169.50, while the Sensex finished at 73,580, dropping 1.67 percent from the previous session. The broader market faced an even steeper decline, with the Nifty Midcap 100 falling 2.57 percent and the Nifty Smallcap 100 tumbling 2.25 percent. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Nifty formed a big bearish candle with a gap-down opening on the daily chart. She stated that the index closed near the 23,000 zone after breaking below its previous low near the 23,100 zone, turning the market bias very tense. The 23,000 level serves as a crucial support zone, and failing to hold it could intensify selling pressure toward the 22,600 and 22,200 support levels. On the upper side, the 23,600 level acts as a key resistance zone that needs a decisive break. For the Bank Nifty, the index also opened with a gap-down and slipped further below the 55,700 support zone due to profit booking. Parekh warned that the next support rests at 54,500, followed by a major crucial level at the 53,000 zone. To improve the market bias, the index must clear the hurdle at the 56,700 level. Daily support and resistance for the Nifty are seen at 22,800 and 23,300 respectively, while the Bank Nifty trades in a daily range of 54,800 to 56,000. Amid this market downturn, Vaishali Parekh has recommended three stocks for intraday trading. Investors can buy GAIL at 173 rupees with a target of 182 rupees and a stop loss of 168 rupees. Texmaco Rail is recommended for purchase at 126 rupees with a target of 140 rupees and a stop loss of 120 rupees. Finally, HBL Engineering is suggested for buying at 774 rupees with a target of 810 rupees and a stop loss of 750 rupees.