The NSE Nifty 50 faces crucial support in the 25,700-25,800 range, Bajaj Broking Research analysts said in a note on Tuesday, after the stock market closed lower.
The frontline index is expected to consolidate in the 25,700 to 26,200 range, with a clear breakout or breakdown determining the next directional move, according to the analysts.
Rajesh Bhosale, equity technical analyst at Angel One, also sees 25,700 as a key support level. A breakdown below this level would negate the recent up-move, he added.
A sustained movement above the 20-DEMA near 26,000 would revive optimism, potentially propelling the Nifty towards the 26,200 to 26,300 resistance zone, according to the analyst.
Bank Nifty
Bank Nifty is seen consolidating and forming a base ahead of the US Fed rate decision. Bajaj Broking Research expects the index to extend consolidation in the 58,500 range. The key short-term support is placed at 58,200 to 58,600, it added.
The resistance for the index is placed between 59,500 and 59,800, according to Vatsal Bhuva, technical analyst at LKP Securities.
Market Recap
The Nifty 50 declined 120.90 points or 0.47% to settle at 25,839.65. Intraday, it dropped 0.90% to a low of 25,728. The Sensex declined 0.51% to close at 84,666.28.
Sectorally, IT, auto, and metal declined, while Nifty PSU Bank gained 1.2% at close, and Nifty Realty recorded gains of 0.9%.
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