The Indian Share Index fell down with a decline in the fifth consecutive trading session on 25 September, and the Nifty fell below 24,900. The Sensex fell at 555.95 points or 0.68 percent to 81,159.68 and the Nifty fell 166.05 points or 0.66 percent to close at 24,890.85. About 1,405 shares gained rise and 2,586 declined, while 125 shares remained unchanged. BSE midcap and smallcap indices recorded a decline of 0.7 percent.
Today, the most fallen shares in the Nifty include Tata Motors, Trent, Shriram Finance, TCS and Power Grid. India Electronics, Hindalco, Axis Bank, ONGC and Hero MotoCorp were the most profitable. Looking at the regional indices, all the other indices closed in red mark, except for the metal (above 0.22%). Consumer durables, autos, power, IT and realty declined by 1%.
Osho Krishna of Angel One said that the Indian stock markets continue to decline. The recession trend has been deep. The Nifty is now down from its 20-day and 50-day EMA, indicating continuous weakness in the short term. The next support for the Nifty is visible around 24,800, corresponding to the slope trendline, followed by the support of around 24,750 on 100 DMAs. On the other hand, a psychological level of 25,000 can now serve as an intermediate resistance. From this level, further recovery can bring the market to the region of rapid pace.
Nandish Shah, Deputy Vice President of HDFC Securities, said that the regional indexs are indicating weak perception. All indices except Nifty Metal closed in red mark. Small and midcap stocks saw profit booking for the fourth consecutive day. The Nifty Midcap 100 index declined by 0.64%, while the Nifty Smallcap 100 index recorded a decline of 0.57%. The market was widely weak in the fifth consecutive season, with the number of declining shares more than the edge shares.
He further stated that the short -term market trends are now weakened, with the Nifty shut down below 20 and 50 DEMA. The next immediate support for the Nifty is at 24,803, while upwards, the area of 25,000 to 25,050 can now act as immediate resistance.