Indian equity markets continue to weather turbulence, with the BSE Sensex and NSE's Nifty landing at 63,591.33 and 18,989.15, respectively, on the second day of a slump, according to an analysis by YES Securities. This downturn has been largely influenced by the upcoming US Federal Reserve policy review.
Among the companies under scrutiny is Ambuja Cements. The company is facing a medium-term downtrend and a bearish crossover of its 20- & 50-day moving averages (DMA). Shukla suggests that if it descends below ₹405 or ascends above the resistance of ₹434, significant market reactions are anticipated.
Tata Motors (NYSE:TTM) is also being closely watched. The automaker is currently in a corrective phase after peaking at ₹678. It's now consolidating between support near its 100-DMA at ₹615 and resistance at ₹652.
The Indian Railway Finance Corporation (IRFC) is another company experiencing market pressure. It's undergoing a range squeeze within the ₹81-65 band, as indicated by doji candlestick patterns. This suggests a potential breakout towards ₹93 or breakdown towards ₹56 (USD1 = INR83.257).
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