Closing Bell: Nifty ends below 8,300, Sensex falls 1,375 pts; Nifty Bank slips 6%

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Nifty has strong resistance around 8,550 zone and until index is trading below same we may see current fall to continue towards 8,150-8,000 zone. Traders are suggested to use sell on rise strategy with keeping overall stop out levels above 8,550 zone.

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It would be difficult for the market to bounce back in the absence of any positive news flow regarding Covid-19. Technically, Nifty closed below the level of 8500, which is negative. We can expect further weakness if Nifty breaks 8200 level. Below the level of 8200, Nifty could fall to 8000 or 7800 levels.

As expected, the markets have set aside the stimulus measures announced by the RBI and the government, and focused on the rising virus infections and its impact on the Indian economy. With a global recession already declared by the IMF, the recessionary forces and the general uncertainty are forcing investors, especially the FIIs, to redeem their investments. CPI for Industrial workers is due tomorrow, although it is unlikely to have an effect in the current market scenario.

The short term trend of Nifty is negative and one may expect this downward correction to extend for the next 1-2 sessions. The lower area of 8000 is going to be crucial to expect higher bottom formation in the market.

We are likely to witness a sharp fall going ahead. The overall structure shows that the Nifty is poised to get into the sub 8000 zone once again.

: Benchmark indices ended weak on March 30 with Nifty finished below 8,300 level dragged by the banking names.

At close, the Sensex was down 1,375.27 points or 4.61% at 28440.32, and the Nifty was down 379.15 points or 4.38% at 8281.10. About 924 shares have advanced, 1320 shares declined, and 168 shares are unchanged.

Bajaj Finance, HDFC, Kotak Mahindra Bank, Tata Steel and HDFC Bank were among major losers on the Nifty, while Cipla, Tech Mahindra, Nestle, Axis Bank and Dr Reddys Labs.

Except pharma and FMCG all other sectoral indices ended in the red. BSE Midcap and Smallcap indices shed 1.7-2 percent.

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Shares of SpiceJet were down 5 percent as domestic and international flights remain suspended amid COVID-19 outbreak. The stock touched lower circuit of Rs 35.15 per share.

Gold prices held steady on Monday as a flight to cash to cover losses in equities overshadowed measures by global central banks to contain the economic fallout from the coronavirus pandemic.