The benchmark indices logged their worst single-day fall since March 30 after US President Donald Trump said the ceasefire with Iran was over. GIFT Nifty futures traded at an uptick of 0.44% at 23,984 as 10:40 p.m.
On the global markets front, Wall Street indices also felt geo-political jolts and opened in the red on Wednesday after Donald Trump warned of fresh strikes on Iran tonight.
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The NSE Nifty 50 finds immediate support at 23,780-23,750 levels, according to Sudeep Shah, head of technical and derivatives research at SBI Securities.
"Any sustainable move below this zone could result in Nifty extending its weakness towards 23,600, followed by 23,450 in the short term," Shah said.
A long bear candle was formed on the daily chart, that has surpassed the last five days' up move in one session, which indicates a faster downside retracement, as per Nagaraj Shetti, senior technical research analyst at HDFC Securities. The analyst identified immediate resistance at 24,100.
"The short-term trend of Nifty has turned down sharply with medium to long term trend remains positive," Shetti said.
Bank Nifty
Going ahead, the immediate support for the Bank Nifty index is placed in the 56,300-56,200 zone, as per Shah. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 55,800, followed by 55,400 in the short term, the analyst said.
"Bank Nifty formed a sizable bearish candlestick pattern with a lower high and a lower low and a bearish gap below its head (58,200-58,075) signalling selling pressure at higher levels as the index closed below the 57,000 levels," Bajaj Broking's Market Research said.
On the upside, the immediate resistance for Bank Nifty is placed in the 57,100-57,200 zone, according to Shah.
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Market Recap
The benchmarks logged their worst single-day fall since March 30 after US President Donald Trump said the ceasefire with Iran was over. The Nifty 50 closed 516.65 points, or 2.12%, lower at 23,882.05. The Sensex fell 1,677.12 points, or 2.15%, to 76,503.60.
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