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Nifty Bank snapped 3-day gains, fell 151 points to close in the red. Bandhan Bank, Bank of Baroda and SBI were among the top gainers from the index. The index held above the 50-DMA on the daily chart. The momentum could take it towards 48,400-48,500 levels.

The index manages to hold above 20 and 50-day SMA — a positive signal. An analysis of Nifty put options reveals a concentration of Open Interest at the 22,400 level, implying potential support at this level. The important key takeaway from the Nifty chart is that it is making a higher high both on the daily and weekly charts.

Oil prices dropped by more than $1 on Tuesday, extending losses on the potential for lingering U.S. inflation to keep interest rates higher for longer, depressing consumer and industrial demand.

Sensex snapped 3-day upmove to close in the red on Tuesday. Nifty, on the other hand, settled with gains of 27 points. Utilities, public sector, power and metal space saw buying action, while selling was seen in banks, auto, IT and FMCG stocks. Rail Vikas Nigam and Poly Medicure hit record highs.

Emkay Global’s analyst Anand Dama expects a further 16% correction, arguing that the fourth quarter results “won’t capture the full extent of business disruptions caused due to the drop in UPI and bill payment market share.”

Stock investors are bracing for a spike in market volatility, and upcoming events such as Nvidia Corp.’s earnings report can exacerbate any moves, according to Goldman Sachs Group Inc. strategists.

Finance Minister Nirmala Sitharaman and Chief Economic Advisor V. Anantha Nageswaran sounded caution in recent days about growing retail participation in the equity futures and options market.

Top tech companies are racing to build AI into their products and services. Startups catering to the surge in demand for AI chips and machine learning have been a bright spot in an otherwise subdued private funding market.

The Nifty Bank index closed 0.31 per cent down at 48048.2.