The Nifty 50 index has managed to stay above the immediate support level of 24,400, despite reaching a new 10-week low. It has shown a slight upward movement for three consecutive sessions, but as long as it remains below the critical resistance level of 24,700, consolidation with a negative bias is expected.
If it drops below the 24,350-24,400 range, there could be increased selling pressure. The Bank Nifty is currently facing resistance in the 51,500-51,800 range, with immediate support at 51,100. Analysts warn that a decline below this support level could lead to a significant downturn.
On Wednesday, the Nifty 50 closed at 24,436, down 37 points, while the Bank Nifty closed at 51,239, down 18 points. The market breadth was generally positive, with 1,461 shares advancing against 1,039 declining on the NSE.