A morning walk down Dalal Street | Crucial support for Nifty at 11,550, avoid buying the current dip

Nifty saw its worst decline of 2019. The sentiment on the Street was weighed down by rise in crude oil prices which rose to 5-month high and rupee which touched a fresh 2-week low.

The final tally on D-Street – the S&P BSE Sensex plunged 495 points to 38,645 while the Nifty50 closed 158 points down at 11,594. Both indexes saw their worst session since December 21, according to a Reuters report. 

For bulls to remain in charge of markers, the index has to remain above 11550 and climb above 11856 which was the record high recorded last week, while a closed below 11550-11500 could lead to further selling in Indian markets.

Amid the mayhem investors lost Rs 2 lakh crore in a single day. The selloff dragged the average market capitalisation of BSE-listed companies to Rs 151.60 lakh cr from Rs 153.33 lakh crore on Thursday, making equity investors poorer by nearly Rs 2 lakh crore.