Markets traded with a negative bias on Wednesday, extending their recent corrective trend amid weak global cues and persistent geopolitical concerns. The Nifty opened gap down and remained range bound for most part of the session and, with only brief recovery attempts during intraday trade and finally settled near the 24,480.50 mark, down around 1.55%,

Selling was visible across major sectors. Metal, realty and energy were among the key laggards, while IT showed relatively better resilience. Broader markets witnessed more pressure, with both midcap and smallcap indices losing over 2%.

Investor sentiment remained fragile amid weak global signals, elevated crude oil prices and lingering uncertainty around geopolitical developments. Continued foreign institutional selling and currency volatility further dampened confidence.

The breakdown of the crucial support level at 24,600 in the Nifty index, coupled with a sharp rise in the India VIX (up over 50% this week so far), points toward pain ahead. Going ahead, the next major support for Nifty is at 24,050, which coincides with the support zone of 100 WEMA (Weekly Exponential Moving Average). In case of rebound, 24,600–24,800 zone is likely to act as an immediate hurdle. Given the current environment of heightened volatility and weak global cues, participants should remain cautious, keep position sizes light and focus on disciplined trade management.

Ajit Mishra, SVP Research, Religare Broking