India’s headline indices ended with declines amid selling action primarily in IT and metal stocks. Nifty witnessed range-bound movement after a strong upward move, facing stiff resistance around 25,500–25,550.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty has slipped below the 50-hour simple moving average, while the RSI has also moved below the 50 mark, indicating weakening momentum on the hourly chart. “However, it continues to hold above the breakout zone of 25,200–25,250, which may act as immediate support in the short term. As long as this level is sustained, the broader trend remains positive. A sustained move above 25,550 could trigger fresh upside,” De said.
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