So I woke up this morning and checked GIFT Nifty, already showing weakness. Let me tell you what happened this week because it was a lot.
Tuesday was the worst day. Nifty crashed 288 points and closed at 25,424. Sensex fell 1,068 points in a single session.😭
The trigger was Trump announcing 15% new global tariffs. On top of that, IT stocks got hammered badly. Nifty IT fell nearly 4.74% and hit a two year low. TCS, Infosys, Tech Mahindra all fell 3 to 5% in one day. That kind of IT selling I have not seen in a while.
Then Thursday got hit again because of US Iran tension news. The Market was trying to recover but that geopolitical news pulled it back down.
Technically Nifty has been stuck between 25,400 and 25,600 all week. Every time it tries to move up it faces selling. 25,300 is the key support now. If that breaks things can get ugly quickly.
One good thing I noticed is DIIs bought 3,655 crores on Thursday even when FIIs were selling 1,945 crores. Domestic money is still holding things up which gives some comfort. Personally I am not taking any fresh positions today. Too much noise from global side 😅
Anyway it is Friday and the week is done. Everyone sit back and reflect. Were you on the right side this week or did the market teach you something new?