Sensex tumbles over 600 points: Why stock markets are in the red today
"FIIs remain uncomfortable with the valuations of the Indian equity market, even with improving macroeconomic and microeconomic indicators. Furthermore, the current earnings season, while not entirely disappointing, has also not been particularly encouraging. Adding to the uncertainty is the stalled trade deal between the US and India," he added.But for now, traders remain firmly focused on near-term risks.Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, flagged persistent foreign institutional investor (FII) selling as a major overhang.'Sustained FII selling of Rs 11,572 crore in the last four trading days will weigh on the market,' he said.'The weakness in the broader market, particularly in smallcaps, might continue since valuations had turned excessive and difficult to justify.'Anand James, Chief Market Strategist at Geojit, warned of a possible breakdown in Nifty if key levels are breached.'The 25,215 region has forced a consolidation as feared, that now threatens to evolve into a strong down move,' he said.'Slippage past 24,900 could set an immediate objective of 24,750–650. Further supports are near 24,450 and 24,000. However, with momentum low, favoured view expects downsides to slow down near 24,900 initially, prompting sideways moves again, with upsides capped near 25,130.'Akshay Chinchalkar, Head of Research at Axis Securities, pointed out a rare technical pattern emerging on the charts.'Technically speaking, yesterday's candle completed yet another bearish engulfing, which means we've had two in quick succession—a rare event,' he said.'The battle lines are clear: 25,000 is vital support, while 25,245 is key resistance. Bears will continue to have the upper hand until we have a daily close above 25,340.'He also said that while US index futures are trading higher, Asian cues remain mixed, offering little support to bulls."Technically, the Nifty is falling from the same supply zone of 25500-25800, a level from which we observed a sharp decline in October of last year. It appears the Nifty might take a full year to surpass its fresh all-time high of 26277, which was achieved on September 27, 2024," said Meena.advertisement"The immediate demand zone for Nifty is identified between 24800-24735. Below this, 24500 stands as a critical support level where some stability might be observed. However, there remains a risk of the index testing its 200-DMA (Daily Moving Average) around the 24000 level. Upside movement is currently capped around the 20-DMA of 25300. A sustained move above this level is essential to expect any positive momentum," he added.With profit-booking underway and technical patterns favouring the bears, the mood on Dalal Street appears cautious. For now, all eyes are on whether Nifty can hold the crucial 25,000 mark, or if a deeper correction is on the cards.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- EndsMust Watch
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