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Key indices continued to face selling pressure at higher levels. The Nifty closed 68 points lower, while the Sensex was down by 247 points. Among sectors, despite weak sentiment, the Reality and Capital Market indices outperformed, both rallying over 1.35 percent. Meanwhile, the IT index was the top loser, shedding 1.14 percent.

Technically, after a muted open, the market experienced selling pressure at higher levels. However, following a long correction, it eventually halted near the 25,000/82,000 mark. We believe that the market has completed one leg of correction, and the 50-day SMA (Simple Moving Average) at 25,000/82,000 is likely to act as a key support zone for traders. Above this level, a technical bounce back up to the 20-day SMA, or approximately 25,170–25,250 / 82,250–82,500, could be expected.

On the other hand, below the 50-day SMA, or 24980/82,000, selling pressure is likely to intensify. In that scenario, the market could see levels around 24,850–24,800 / 81,600–81,500.

For the day, sell below 24980 with a stop loss at 25180. The weakness should increase below 24980, which may push the market to 24850 or 24800. Crossing 25180 would be positive in the short term. Buy select stocks between 25000 and 24900 with a short-term view

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