Nifty closed marginal lower for the third consecutive session

Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

Nifty fell for the third consecutive session, to close at 17826. Bank Nifty continued to close at the lowest level since 31st Jan 2023. Nifty has been forming lower tops and lower bottoms on the short-term charts.

Among Sectoral Indices, only FMCG and Financial services ended in the green while PSU Bank and reality fell the most. PSU bank index has lost 12% over last one month. Breadth continued to remain a concern for the markets, as the Advance decline ratio stood at 0.73 on BSE. Cash market turnover continued to remain lackluster.

Support for the Nifty is seen at its previous swing low of 17719, below which bearish trend would find momentum. Resistance has shifted down to 18000 odd levels in the Nifty. Above 18000, Nifty is expected to find upward momentum.

Source : Equity Bulls

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