Domestic headline indices, BSE Sensex and Nifty50, gave up early gains to end lower for the sixth consecutive session on Monday, pressured by rising Middle East tensions and concerns over a weaker corporate earnings outlook. The 30-share BSE Sensex dropped 638 points, or 0.78%, to settle at 81,050, while the broader NSE Nifty declined 218 points, or 0.87%, to finish at 24,795.he next couple of weeks. Immediate support is at 26000,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
“Nifty slipped further due to ongoing geopolitical concerns, with sentiment worsening as the index fell below the 55-EMA, indicating a bearish trend. A bearish crossover in the RSI is adding to the downward price momentum. In the short term, the trend may remain volatile, with a predominantly bearish outlook,” Rupak De, Senior Technical Analyst at LKP Securities said.
Overall, the market appears to be ‘sell on rise’ as long as it stays below 25,000 while on the downside, the support levels are positioned at 25,700-25,590/25,400, De said.
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