If these supports are breached, the Sensex could fall below 58,000 and the Nifty to 17,700.
The S&P BSE Sensex and Nifty 50 are both off to a weak start on Thursday with the Sensex falling below the 59,000 mark and the Nifty slipping below the 18,000 mark. This is in line with the weak global cues as investors remain concerned about the rising cases of Covid-19 in the US and Europe.
In India, the Covid-19 situation is also deteriorating with the country reporting more than 1 lakh new cases for the second consecutive day. The death toll has also risen to over 1,400.
With the situation looking grim, it is likely that the Sensex and Nifty could fall further in the coming days. If the support levels of 58,000 and 17,700 are breached, we could see the Sensex falling to 56,000 and the Nifty slipping to 17,200.
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