Mumbai, Feb 28 Nifty logged its biggest point and per cent loss in 25 sessions on Wednesday, said Deepak Jasani, Head of Retail Research at HDFC Securities.
At close, Nifty was down 1.11 per cent or 247.2 points at 21,951.2. Cash market volumes on the NSE were lower than the previous two sessions at Rs 0.94 lakh crore. The broad market indices fell more than the Nifty even as the advance decline ratio fell to 0.21:1, the lowest since December 20, 2023, Jasani said.
Asian stocks were mostly lower on Wednesday in cautious trading ahead of a US inflation reading this week that could influence the timing of the Federal Reserve's easing cycle. European stocks struggled for traction as traders brace for a slew of economic data in the second half of the week that will help determine the path of monetary policy.
Nifty formed a bearish pattern, engulfing the previous two candles. A breach of 21,801 on the downside could bring more bearishness while 22,085 could act as a resistance in the near term, Jasani said.
The markets seem to be coming out of sideways move and looking set to fall. The next two days will determine whether this will happen or once again the markets will come back into the sideways move, he said.
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