The market opened with a weak start on Thursday also. BSE Sensex opened at 73,935.83 – down about 410.34 points from its previous close of 74,346.17. At the same time, Nifty 50 also appeared under pressure, which opened at 23,282.45 – this was 123.15 points below its previous closing price of 23,405.60. During early trading, the impact of weak signals from global markets was clearly visible on the domestic market.
Talking about sectoral indices, Bank Nifty opened at 53,918.85 – down 267.10 points from its previous close of 54,185.95. Nifty IT index also showed weakness, falling 234.40 points to open at 29,150.05. At the same time, Nifty FMCG opened at 48,067.95, which was down by 56 points, while Nifty Pharma was seen opening at 24,042.00 – which was down by 44.60 points. Overall, all major indices opened in the red during early trade.
**Market may open with ‘gap-down’ up to 200 points**
Morning signals suggest that Nifty may open under pressure. GIFT Nifty is currently trading around 23,315, which is about 200 points below the previous close of Nifty futures. On Wednesday also the market had closed with a weak trend; Sensex fell 303 points to close at 74,346, while Nifty fell 77 points to settle at 23,405.
**Why did the pressure on global markets increase?**
There was a huge decline in American markets. The Dow closed down 620 points, while the Nasdaq and S&P 500 also lost days of gains. The record-breaking boom in Japanese and South Korean markets also came to a halt. On the other hand, the dollar index has hit a two-month high, and the US 10-year bond yield remains stable near 4.48%. Brent crude continues to trade at higher levels. Although there was some weakness this morning – prices fell below $97 – high crude oil prices remain a concern for the market.
**Which levels are important for Nifty?**
On Wednesday, Nifty touched an intraday low of 23,151. This was the lowest level recorded in the last 38 trading sessions. Although there was some recovery from this low, the index continued to show a “lower high, lower low” pattern for the third consecutive day. Today, the market’s focus will be on the support zone around 23,150. If this level holds, buying activity may emerge from lower levels; Conversely, a move below this point may increase selling pressure.
**Important support for Bank Nifty near 53,000**
At present, Bank Nifty has been the most important trend in the market. For the third consecutive day, the index closed below its 50-day moving average (50 DMA) – specifically the 54,460 level. The breakout seen earlier now appears to be failing. However, one positive thing is that in this period of weakness, Bank Nifty once again found strong support around 53,027 levels. The index recovered about 1,300 points from this level. The zone around 53,000 currently remains the most important support level for Bank Nifty.