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Below the Quote On Post market comment by Mandar Bhojane, Research Analyst, Choice Broking

Indian equity markets ended lower for the second consecutive session on January 6, with both benchmark indices witnessing sharp declines. The Sensex fell by 1,258.12 points or 1.59 percent to close at 77,964.99, while the Nifty declined by 388.70 points or 1.62 percent, settling at 23,616.05. This sell-off was driven by weak domestic cues, global uncertainties, and rising concerns surrounding the Human Metapneumovirus (HMPV), which weighed heavily on investor sentiment. 

The Nifty faced strong selling pressure throughout the session, struggling to sustain above the immediate resistance level of 24,000. It closed below 23,700 and breached the 200-day Exponential Moving Average (EMA), signaling a bearish trend. If the index fails to hold above current levels, further corrections could lead to the next support levels at 23,270 and 23,000. However, a decisive breakout above 24,000 remains critical to revive bullish momentum.

Technical indicators presented a mixed outlook for the market. The Relative Strength Index (RSI) currently stands at 40.7, trending downward, indicating bearish momentum. In contrast, the Stochastic RSI showed a bullish crossover, hinting at a potential short-term recovery. This divergence in indicators suggests caution, as the market lacks a clear directional bias. 

Investors are advised to monitor price action closely near critical support and resistance levels. The interplay between these technical indicators and market trends will determine whether the Nifty stabilizes or faces further downside pressure in the coming sessions.

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