A morning walk down Dalal Street | Nifty has to reclaim 11,520 for bulls to take control, crucial support at 11,250

Monday blues for sure on D-Street. The S&P BSE Sensex slipped over 500 points while Nifty50 broke below two crucial support levels placed at 11,500 and 11,400.

The index also broke below three short-term moving averages placed at 5,13 and 20-EMA Next crucial support to watch out is 11,250 (September 12) while on the upside 11,520 is crucial for bulls.

The selloff in Asian markets due to trade war fears, a weaker rupee, and a possible dissatisfaction of investors to rupee’s measures by the government pulled the indices lower.

Bears took charge of D-Street pushing the index lower. A big disappointment came when reports suggested that Goldman Sachs has downgraded its rating on India Goldman Sachs, which was strategically overweight on India since March 2014, has turned slightly cautious towards Indian market in 2018 and lowered its investment view to market weight from overweight earlier.