RIL, Mphasis: 45 stocks hit fresh 52-week lows; charts show more pain ahead

The heavy-weight Reliance Industries has broken critical support of Rs 2,300, raising concerns about the future drawdown. In addition, the formation reveals a "Descending Triangle" violation

The collapse of the startup focused SVB (Silicon Valley Bank) led sell-off in the global markets, including US, Europe, and Asia. Major markets have plunged over 2 per cent since the start of the current week, raising concerns about its repercussion globally. 

Domestic benchmark indices, the BSE Sensex and Nifty 50 saw fresh breakdowns on Tuesday, decisively undermining the 200-day moving average (DMA). The sentiment has become wedged, as markets are gradually declining towards November lows of last year. 

At present, the market breadth remains fragile, with over half of Nifty 500 stocks trading beneath the 200-DMA, 45 of which