India’s stock markets closed in the red on Thursday, marking their second straight day of declines as IT, FMCG, and bank stocks dragged down the indices. The Nifty closed at 24,205.35, down 135.50 points (0.56%), while the S&P BSE Sensex dropped by 553.12 points (0.69%) to 79,389.06.
Nifty opened with little change and stayed within a narrow range before finishing lower, noted Hrishikesh Yedve from Asit C. Mehta Investment Intermediates. On the bright side, the Nifty Smallcap 100 index gained about 1.15%, outperforming the larger benchmarks.
The India VIX, a measure of market volatility, initially rose by around 4% but ultimately closed up just 0.35% at 15.57, indicating slightly reduced market anxiety.
Technically, Nifty formed a red candle on the daily chart, signaling weakness, and has been stuck in a range between 24,000 and 24,500 in recent sessions. Analysts agree that breaking out of this range could set the next trend for Nifty.
Analyst Insights: How to Approach Friday’s Market
Rupak De, LKP Securities: The Nifty remained volatile, closing down on Thursday. It faced resistance around the 21 EMA on the hourly chart, leading to a pullback near 24,200. As long as Nifty stays below 24,500, sentiment may stay weak, and any rise toward this level could encounter selling. Key support sits at 24,000, with resistance at 24,500 and 24,750.
Jatin Gedia, Sharekhan by BNP Paribas: Nifty opened lower and saw back-and-forth movement throughout the day. The index has traded within the 24,500-24,070 range for five sessions. This range-bound activity may continue due to the monthly expiry of October derivative contracts. After that, we could see more decisive moves. Support levels to watch are 24,200 and 24,180, with resistance around 24,500 to 24,550.
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