The Nifty 50 fell eight-tenths of a percent after a gap-down opening for the second consecutive session, closing below its 50-day EMA on April 23. Rising oil prices amid US-Iran negotiations weighed on sentiment. Momentum indicators signalled caution, with the RSI failing to cross the 60 mark and nearing a bearish crossover.
If selling pressure continues, a decline towards 24,000–23,900 is possible. Immediate resistance is at 24,350, followed by the 24,500–24,600 zone. The Nifty 50 opened 175 points lower at 24,202 and finished at 24,173, down 205 points (0.84 percent).
The Bank Nifty started over 500 points lower at 56,609, closing near the 50-day EMA at 56,305, down 819 points (1.43 percent). The 55,900–55,800 zone is expected to act as crucial support, with a sustained move below 55,800 potentially intensifying weakness.
