The NSE Nifty 50 formed a small bear candle with a higher high and higher low, signalling consolidation amid stock-specific action on the Nifty weekly expiry session, according to analysts.
"Going ahead, index is likely to extend consolidation in the range of 24,400-24,800. Immediate support is placed at 24,400-24,337 levels, being the confluence of the recent lows and the key retracement area," Bajaj Broking Research said. "A breach below the same will signal acceleration of decline towards the key support area of 24,000-23,800 levels."
On the upside, 24,700 remains the immediate hurdle, followed by the 24,800–25,000 zone, according to Hardik Matalia, derivative analyst at Choice Broking, said.
The Bank Nifty formed a sizable bear with a higher and lower low, signalling selling pressure around the 54,000 levels, according to analysts.
The Bank Nifty has immediate support at 53,200-53,500 levels being the confluence of the 200-day EMA and the low of May 2025. A breach below the same will signal acceleration of decline towards the key support area of 52,500-52,000 levels, Bajaj Broking said.
Market Recap
The benchmark equity indices ended in the red on Tuesday, a day after closing with gains.
The NSE Nifty 50 settled 45.45 points or 0.18% lower at 24,579.6 and the BSE Sensex closed 206.61 points or 0.26% down at 80,157.88.
Currency Update
The rupee 4 paise stronger at 88.16 against the US dollar on Tuesday.
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