The NSE Nifty50 fell 0.64% to 22,055, while the S&P BSE Sensex settled 0.59% lower at 72,623.09. The Nifty50 had gained as much as 0.24% in the first hour of the trade to hit a record high for the third session in a row, before reversing gains in the final hours.
Here's how analysts read the market pulse:
«For day traders now, 22,150/73,000 would act as a crucial resistance zone. As long as the market is trading below the same, the weak sentiment is likely to continue. Below which, the index could retest the level of 21,935-21,900/72,300-72,200. On the flip side, above 22,150/73,000 the sentiment could change. Above 22,150/73,000, the index could move up till 22,250-22,300/73,300-73,500,» said Shrikant Chouhan, Kotak Securities.
Rupak De, LKP Securities, said, «The momentum indicator RSI is showing a bearish crossover, signalling weakness in the near term. Immediate support is positioned at 22,000; a decisive drop below this level could lead the index towards 21,700. On the upside, resistance is identified at 22,160.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
Wall Street dipped on Wednesday as investors braced for chip designer Nvidia's high-stakes earnings report that could hinder this year's AI euphoria if results are not stellar, and awaited minutes from the Federal Reserve's latest policy meeting.
Nvidia shed 1.2% after a more than 4% decline in the prior session ahead of the semiconductor firm's quarterly earnings, expected after markets close