- The Indian equity market closed with marginal losses amid high volatility on Wednesday
- Nifty formed a high wave candle indicating consolidation within the 25,500–26,000 range
- Support for Nifty lies at 25,473, with resistance between 25,950 and 26,050, says Bajaj Broking
The Indian equity market ended the day on marginal losses on Wednesday, after recovering from the day's low amid high volatility. Analysts expect Nifty to remain range-bound in the coming sessions.
"It (Nifty index) has formed a high wave candle which mostly remained contained inside previous session price range signaling consolidation amid stock specific action", stated Bajaj Broking Research.
The brokerage also outlined that Nifty is currently moving around its 100-day EMA and will remain in a 25,500–26,000 range.
"A clear breakout or breakdown will decide the next direction," Bajaj Broking Research highlighted.
The research firm added that Monday's low of 25,473 will act as immediate support, while on the upside, the 25,950–26,050 zone will be a key resistance area.
"Markets are expected to trade sideways, with investors looking at ongoing earnings, developments on the India-US trade deal front, and cues on the upcoming Budget", stated Head of Research, Wealth Management, Motilal Oswal Financial Services, Siddhartha Khemka.
Nifty Bank
Nifty Bank is expected to make a sharp rebound in the coming sessions, following through from Wednesday's gains.
"Bank Nifty formed a small bullish candle with an upper shadow which mostly remained contained inside previous session range highlighting consolidation amid stock specific action," said Bajaj Broking Research.
Key short-term support zone for the index lies at 59,000–58,700, while key resistance will be 60,400 levels.
Market Recap
Indian equities ended the volatile session in red, extending the fall for the second day. Nifty had fallen near the 25,700 levels but closed near 25,700. Intraday, both Nifty and Sensex fell nearly 0.50%.
Nifty ended 66.70 points or 0.26% lower at 25,665.60 and Sensex ended 244.98 points or 0.29% lower at 83,382.7.
Broader indices on the other hand ended in the positive. Nifty Midcap 150 ended 0.21% higher and Nifty Smallcap 250 closed 0.48% higher.
Eight sectoral indices fell with Nifty IT and Nifty Realty leading the decline, Nifty Metal and Nifty PSU Bank were among the laggards.
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