The NSE Nifty 50 found support at 25,300–25,350 after it snapped a three-day gaining streak to log its worst single day since Feb. 1, according to Hitesh Tailor, research analyst at Choice Broking.
The daily chart formed a strong bearish candle, erasing gains from the previous three sessions, according to the analyst. "Technically, resistance is placed at 25,600–25,650," Tailor said.
The 200-day extended-moving average, placed near 25,200, is now the next crucial short-term support zone and appears vulnerable if follow-up selling persists in the coming sessions, according to Bajaj Broking.
"On the downside, immediate supports are seen at 25,350 and 25,000, which may act as key cushions in case of further weakness. On the upside, resistance is placed at 25,650, followed by 25,720, where any pullback is likely to face selling pressure," the brokerage said.
Bank Nifty Outlook
The Bank Nifty finds a crucial support zone at 60,400–60,500, after ending the day's trade on a flat note, according to Tailor. The index's daily chart shows a bearish engulfing pattern, indicating a clear shift in control toward bears, the analyst stated. Tailor identified resistance at 61,000–61,100.
The 21-day extended moving average, placed around 60,300, emerges as the key level to watch, as the index has found support near this average on multiple prior occasions, according to Bajaj Broking.
Immediate supports are seen at 60,300, followed by 60,000, On the upside, near-term resistance is positioned at 61,500 and 61,750, the brokerage stated. "Traders are advised to remain cautious near key support levels and wait for a decisive breakout above resistance before initiating fresh directional positions," Tailor said.
Market Recap
India's benchmark Nifty and Sensex indices snapped a three-day gaining streak to log their worst single day since Feb. 1. The Nifty 50 ended 400 points or 1.6% lower at 25,413.40 and the Sensex dropped over 1,200 points or 1.5% to 82,498. Mid and small cap gauges sunk too.
All 16 sectoral gauges compiled by the NSE traded lower, led by the NSE Nifty Realty Index's 2.5% fall. Media, auto, FMCG, defence closed over 2% lower. The market breadth was firmly tilted in favour of sellers. Nearly 2,900 stocks declined and about 1,200 shares advanced on BSE.
ALSO READ: Nifty, Sensex Log Worst Session Since Budget Day; Shed Rs 2.9 Lakh Crore In Market Cap
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.