The Nifty 50 closed at 24,712, declining over 1% as market sentiment weakened - Religare Broking Ltd
Market Outlook
The Nifty 50 closed at 24,712, declining over 1% as market sentiment weakened. The India VIX advanced nearly 4% to 12.19, signalling a rise in volatility expectations. On the derivatives front, a significant OI build-up at the 24,800 call option for the monthly expiry has reaffirmed this level as a key resistance, after previously serving as support. From a technical perspective, the index witnessed a breakdown from a head and shoulder pattern on the hourly chart and closed decisively below the neckline. This breakdown suggests that Nifty will likely sustain a sideways to negative bias.
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