The NSE Nifty 50 index fell 0.69% to 21,517, while the S&P BSE Sensex shed 0.75% to 71,356.
Here's how analysts read the market pulse:
«Nifty formed a bearish candle with a substantial body in the daily chart. The Donchian Channels, which identify bullish and bearish extremes, indicate that Nifty is holding its middle band. Key support levels are identified at 21,400, while resistance is placed at 21,700 levels,» said Om Mehra, Technical Analyst, SAMCO Securities.
Rupak De, Senior Technical Analyst at LKP Securities, said, «Nifty dipped below the support level of 21,650, resulting in a decline towards 21,500. The prevailing sentiment appears weak, highlighted by the index closing below the crucial support at 21,650. If it continues to drop below 21,500 in the upcoming days, it could potentially exacerbate the negative sentiment, especially with expectations of substantial unwinding by the put writers below 21,500. The broader market outlook suggests a sell-on-rise strategy as long as it stays below 21,650.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
Wall Street stocks slumped to start Wednesday with all three major US indices in the red and key names such as Facebook parent Meta Platforms and Nvidia falling.
Around 10 minutes into trading, the Dow Jones Industrial Average slid 0.4 percent to 37,571.60, while the broad-based S&P 500 Index lost 0.5 percent to 4,718.88. The tech-heavy Nasdaq Composite Index retreated 0.6 percent to 14,670.94.
Europe's benchmark stock index dropped to a three-week low on Wednesday, testing last year's market rally, with investors keeping an eye out for major factors during the day for cues on global monetary
Read more on economictimes.indiatimes.com