Indian headline indices opened higher on Thursday, buoyed by global cues hinting at more US rate cuts, but ended the day near its lows after failing to sustain gains. They were weighed down by the pharma, IT and healthcare stocks. The Nifty50 index closed at 24,998.5, down by 0.07% or 16.5 points while the Sensex ended 0.18% higher at 81,611.4, up by 144 points.
The index remained largely sideways throughout the day as the 25,000 level was mostly held, Rupak De, Senior Technical Analyst at LKP Securities. said, commenting on the day’s action.
Decoding the Nifty chart structure, De said that Nifty has been failing to reclaim 50-EMA for the last two days which indicates prevailing weakness. “On the lower end, support is placed at 24,950–24,900. A fall below 24,900 could trigger a correction toward 24,750–24,700. On the other hand, resistance is seen at 25,150, and a move above this level could push the index towards 25,350–25,400 in the short term,” De said.
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