The market continues to decline. On Wednesday, September 24, the Sensex-Nifty closed down with a decline for the fourth consecutive day. Midcap and smallcap shares saw selling. Realty, auto and energy index closed with a decline. There was pressure on IT, metal and banking shares. The FMCG index closed with a slight increase. The Sensex fell 387 points to close at 81,716. The Nifty fell 113 points to close at 25,057. The bank Nifty fell 388 points to close at 55,122. The midcap fell 572 points to close at 57,924. Today, 22 out of 30 shares of Sensex were sold. 35 out of 50 shares of Nifty saw selling. At the same time, 9 out of 12 shares of bank Nifty were sold.
Bonanza research analyst Vaibhav Vidwani says that the market moves are expected to be mixed further. With the attitude of the American Federal Reserve and the progress of the Indo-US Treasury talks, the market may see caution. This can lead to some strength in the near future. Corporate income may see further improvements. The next one or two quarters are expected to improve it. Meanwhile, the ongoing reforms by the government, government capital expenditure and increase in domestic consumption will prove to be a positive factor for the market in the long term.
Nagraj Shetty of HDFC Securities says that today, on Wednesday, the market continued to fall in the fourth consecutive trading session. The Nifty closed down 112 points. After a weak start, most of the day’s market continued to fluctuate. Efforts to improve in the afternoon failed and the Nifty closed at the lower levels.
On the daily chart, the Nifty made a recession candle with a minor upper and lower shadows. Technically, this market activity is a sign of weakness with instability. Although the Nifty is at a 4 -day low, there are no signs of reversal from the lower levels.
In such a situation, the market’s short -term trend remains weak. According to the weekly chart, the Nifty may now slip up to the major lower support levels of 24900 (ascending trend line and 10-week EMA). The immediate resistance for this is at 25150.