India’s headline indices ended Friday with sharp cuts, weighed down by significant losses in auto, IT, and bank stocks. The Nifty moved southward after failing to sustain above the 50 EMA on the hourly chart, indicating prevailing selling pressure. Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities, said that the Nifty closed below the crucial support level of 24,400, highlighting the strength of the bears.
“Sentiment was already tilted in favour of the bears, with the index forming a lower top, lower bottom pattern. The short-term trend remains weak, with potential downside towards 24,150–24,200. On the higher side, resistance is seen at 24,475–24,500,” De said.
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