27th January' 2023 (Evening)
27th January' 2023 (Evening) -- | Written at 1.30 PM on 29th January' 2023 | #Nifty and many other stocks, specially the banking stocks got severe beating on Friday. The #HindenburgReport created havoc on the #Adani shares. The banking stocks followed as there were concerns related to high leverage of the #Adani group and exposure these banks have towards them. #BankNifty was the first one to get screwed. #SBIN and #ICICIBank were the ones that got hit badly. While #HDFCBank, #KotakBank also lost. #Nifty made a strong bearish candle on the daily chart. This led to it breaching some important levels on #Nifty. 17725 was one such level and in fact at one point, #Nifty also breached 17500. While #Nifty did make some recovery in the last hour or so, i feel it is not out of clouds. I somehow have a hunch that #Nifty lost some important levels due to #BankNifty (Of course) and valuations. A reason was being sought by the Indices to correct a bit. ...