The Nifty 50 ended lower on Wednesday after opening on a largely flat note near the 24,152 level, with sustained selling pressure keeping the index under pressure through the session. The benchmark touched an intraday low of 24,026 and closed below its key short- and long-term exponential moving averages (EMAs), pointing to continued weakness in the near-term technical setup.
According to Ponmudi R, CEO of Enrich Money, the Nifty has now slipped below its 20-day, 50-day, 100-day and 200-day EMAs, indicating broad-based technical weakness and continued selling pressure at higher levels.
“The 24,000 psychological mark remains the crucial immediate support; a decisive break below this could intensify selling pressure and drag the index toward the 23,800 zone,” Ponmudi said.
On the upside, the 24,200–24,300 zone is likely to act as an immediate resistance band, coinciding with the index’s key EMA cluster. A sustained move above this region would be required to stabilise the index and improve near-term sentiment. “Until then, recovery attempts are likely to face selling pressure at higher levels,” Ponmudi said.
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Momentum indicators have also weakened. The daily Relative Strength Index (RSI) slipped to 41.34 and remained below its signal line, reinforcing the cautious near-term bias. Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the Nifty opened on a weak note and drifted lower to make an intraday low of 24,028 before moving in a narrow range for the remainder of the session.
Bank Nifty Outlook
Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, said the Bank Nifty continues to show relative resilience, trading near 57,200 and declining just 0.04%, compared with the Nifty’s 0.32% fall. The index is holding above the crucial 57,100 support level, which remains a key level to watch amid the ongoing correction.
Private banks continued to weigh on the index, while PSU banks delivered a mixed performance. According to Radhakrishnan, as long as 57,100 holds, the broader market structure is likely to avoid a complete breakdown.
A sustained move above 57,500 would signal stabilisation and could improve the near-term outlook. However, a decisive break below 57,100 could intensify selling pressure and drag the Bank Nifty towards 56,800.
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