On March 13, 2023, the Indian stock Market experienced a sharp decline as the BSE Sensex dropped by 897 points or 1.52 percent to 58,238, and the Nifty50 plummeted by 259 points or 1.5 percent to 17,154, marking its lowest closing level since October 13 of the previous year.

The market downturn continued for the third consecutive day, with bears exerting a tight grip over Dalal Street.

The collapse of Silicon Valley Bank and the closure of Signature Bank in the United States banking sector contributed to the market’s decline.

The sell-off was witnessed across several sectors, with major corrections in banking and financial services, automobile, and real estate stocks.

The closing below the critical support level of 17,250 was negative for the market, with the Nifty forming a large bearish candlestick pattern on the daily charts.

Despite this, Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, said that the Nifty has significant support between the 17,000 and 16,900 levels on the downside.

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