NIFTY Index Chart Analysis

MARKET ENTERS THE BUBBLE TERRITORY

Rising inflation concerns and the World Bank’s cuts about India’s GDP growth forecast dented the market sentiment while the disappointing earnings by heavyweights like Infosys and HDFC Bank added fuel to fire, which resulted into intensified profit booking.The heavyweight stocks dragged the market. The benchmark index is down by 5.77 per cent from its April 4 top of 18,114.65. The IT index was down by 11.5 per cent over the last eight trading sessions. Except for April 8, the Nifty declined on other days in the last 10-days. Overall, the market breadth is negative. The India VIX closed flat. FIIs sold holdings to the tune ₹17,149.83 crore and the DIIs bought to the tune of ₹9,114.07 crore this month.