It was a sea of red at Dalal Street which was primarily clouded by lingering concerns about corporate India’s earnings which as of date was uninspiring and, most importantly, they could come under heavy pressure from inflation, an economic downturn, and soaring interest rates. The negative takeaway was that the bear remained in total control despite WTI Oil prices tumbling to $83 a barrel. Technically, Nifty has support at 18851 mark and strength only above the biggest hurdle at 19557 mark.

Markets extended fall for the 5th straight session as banking, IT stocks led the slump in the backdrop of persisting global turbulence. Higher valuations of Indian stocks have been a concern and the current global turmoil is allowing investors to reduce their equity exposure. Technically, due to weak sentiments, the Nifty has breached the important support level of 19200 and has also formed a bearish candle on daily charts, which is largely negative.
For day traders, 19050 would act as a trend decider level, above which we could see a one quick pullback rally till 19200-19250. On the flip side, fresh selloff is possible only after the dismissal of 19050 and below the same, the market could slip till 19000-18930.