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The Nifty 50 defended the support level of 24,400, closing at 24,436, while the Bank Nifty fell to 51,239. Consolidation with a negative bias is expected as long as the Nifty remains below 24,700, with significant selling pressure anticipated if it drops below 24,350-24,400. The Bank Nifty faces resistance between 51,500-51,800, with immediate support at 51,100, where a decline could lead to a major downturn.
The Sensex and Nifty closed lower amid concerns over Foreign Institutional Investors pulling out funds and a slowdown in Q2 earnings. Geopolitical tensions in the Middle East and uncertainties surrounding the US presidential election have further fueled market anxiety. Analysts suggest that while the correction was overdue, a phase of stabilization may be on the horizon.
Sharekhan Ltd.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
nifty faces consolidation below key level while bank nifty tests support
16:28 23.10.2024
markets decline amid foreign selling and earnings slowdown concerns
11:22 23.10.2024
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