The domestic equity market commenced the session on a weak footing, mirroring negative global cues. Further, the selling pressure intensified as broad-based declines across sectors dragged the benchmark index below the 24000 mark during the day. However, some stability emerged around 50 DEMA and the Nifty50 stabilized near psychological zone. Eventually, the benchmark index concluded the day slightly below 24000, with a loss of 0.79%, reflecting negative developments amid rising market volatility.

The benchmark index has witnessed a bearish breakdown following its recent consolidation phase, slipping below the 20 and 50-DEMAs, which had served as key support zones in recent sessions. Additionally, the MACD histogram showcased a negative crossover, adding the bearish quotient. Even, the advance-decline ratio remained heavily tilted in favor of declining stocks, underscoring broad-based weakness and reinforcing a cautious near-term market outlook. From a technical perspective, a decisive breach below the crucial 24000 level could extend the decline toward 23850-23800 in the intermediate term, with stronger support at 23645. On the flip side, 24150-24200 is likely to act as an immediate resistance zone, followed by 24300-24350.

Going forward, market sentiment has turned increasingly cautious amid heightened volatility and persistent global uncertainties. Investors are advised to adopt a disciplined risk management approach, avoid aggressive positioning, and await greater stability before initiating fresh directional bets in the market.

Key levels to watch

NIFTY

Support: 243850 – 23800

Resistance: 24150 – 24200

BANKNIFTY

Support: 56750 – 56550

Resistance: 57650 – 57900

Osho Krishan, Chief Manager – Technical & Derivative Research, Angel One.