Indian equity markets experienced losses for the third consecutive day, with the Nifty closing below the 24,500 mark. The index struggled to maintain intraday gains and remains below critical resistance levels, including the 20-week EMA at 24,550 and the 20-week SMA at 24,700.
Analysts suggest that as long as the Nifty trades beneath these thresholds, consolidation is likely to persist, with immediate support identified in the 24,400-24,350 range. A breach of this support could lead to further declines towards the 24,200-24,000 levels in the coming sessions.
Global cues appear subdued this morning, and the GIFT Nifty indicates a flat start for the day. Market participants are advised to keep an eye on Hindustan Unilever (HUL) following disappointing volume growth reported in the second quarter. Key earnings announcements today include ITC, IndusInd Bank, and NTPC, which are expected to draw significant attention from investors and analysts alike.