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Daily Technical View on Nifty

* Nifty fell for the second consecutive session by registering a sharp cut of 332 points or 1.35%, to close at 24336.

* NSE cash market volumes surged 21% as compared to yesterday.

* Nifty Midcap 100 and smallcap 100 Index fell along with the Benchmark Indices as they ended lower by 0.57% and 0.68% respectively.

* Declining shares outnumbered the advancing shares as advance decline ratio stood at 0.64 on BSE.

* All the sectoral Indices closed in the red except Nifty Media.

* Amongst them, Nifty PSU Banks, Metal and OIL/Gas fell the most.

* Yesterday’s fall has resulted in to a violation of 5, 10, 20 and 50 days EMA supports altogether.

* An upward sloping trend line adjoining the lows of 21st Nov and 13th Dec 2024, projects the support near 24300.

* Any level below 24300 would confirm the bearish trend reversal for the short term, which could drag the Nifty towards an immediate support of 24180.

* Resistance for the index has shifted down to 24500.

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