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Below the Quote on Market Wrap 28th August 2025 by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd

"Markets extended their decline on monthly expiry day, losing nearly a percent and continuing the corrective trend. After a weak opening, the Nifty staged a swift rebound in the initial hours, but sustained pressure from heavyweight stocks across key sectors dragged the index to fresh lows as the session progressed. It eventually settled near the day’s low at 24,500.9. Sectoral performance was broadly weak, with IT, realty, and banking stocks leading the decline. The broader indices also mirrored this trend, with mid- and small-cap segments slipping close to a percent each.

Sentiment remained under strain from the implementation of additional 25% U.S. tariff, which, combined with weakness in heavyweights such as banks, is exerting steady pressure on the markets. In the absence of major domestic triggers, global developments continue to drive near-term direction.

On the technical front, the Nifty has breached its medium-term support at the 100-day EMA around 24,600. The next support is seen in the 24,250–24,350 zone, which aligns with the previous swing low and the long-term 200-day EMA. On the upside, the 24,650–24,800 region, earlier a support zone, is now likely to act as resistance. Traders are advised to align positions with the prevailing trend and exercise heightened caution in stock selection."

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