The selling pressure has seen in the first week of the October with Nifty falling 5.6 percent to close a tad above 10,300 levels. For instance, in a previous trade, the National Stock Exchange (NSE) benchmark index Nifty opened lower at 10,514.10 from its previous close of 10,599.25 and closed at 10,316.45.
This selling pressure is partially from the surprise move by RBI’s MPC and the consistent fall in the rupee and crude volatility. On Oct. 05, the Nifty closed at a six-month low making a bearish candle on the daily charts and as well as weekly charts.
However, the Nifty Bank index closed at 24,443.45, down 375.85 points.
Taking cues from the global sentiment and previous trade, it is expected to see a flat to the negative opening in today’s session.