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NSE Nifty 50 must reclaim 24,900 soon to avoid short-term bearish pressure
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Immediate support for Nifty is at 24,700, with major support near 24,450–24,550
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Nifty 50 closed 225.1 points lower at 24,837, marking a second consecutive fall
Dalal Street experts believe that if the benchmark NSE Nifty 50 fails to reclaim levels above 24,900 in the next session or two, bulls could face significant short-term challenges. This comes after a phase of consolidation in the market.
Rupak De, senior technical analyst at LKP Securities, said that on the downside, immediate support for the index is seen at 24,700, followed by 24,500 while on the upside, resistance is now placed around 25,000.
With Nifty 50 breaching 24,900, the immediate support for the index is seen near 24,700, while the major support lies in the 24,450–24,550 zone, according to Ajit Mishra, senior vice president - research at Religare Broking Ltd.
"Traders are advised to align their positions with the prevailing trend and refrain from averaging down on loss-making trades," he said.
Market Recap
India's benchmark equity indices closed lower for the second straight day on Friday, weighed down by shares of Bajaj Finance Ltd., Infosys Ltd. and Reliance Industries Ltd. The indices recorded the longest weekly declining streak since Oct. 21, 2024.
The NSE Nifty 50 ended 225.1 points or 0.9% lower at 24,837, while the BSE Sensex closed 721.08 points or 0.88% down at 81,463.09.
Currency Update
The Indian rupee closed 11 paise weaker at 86.52 against the US dollar on Friday, slipping from Thursday’s close of 86.41, as a combination of global and domestic pressures weighed on the currency.
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