After having a volatile session, the equity indices--Sensex and Nifty ended the session in negative territory. The BSE index fell 244. 98 points or 0.29 per cent to settle at 83,382.71, while Nifty50 closed the session at 25,665.60, down 66.70 points or 0.26 per cent.
The session saw high volatility. The Nifty50 hit the intraday high and low at 25,791.75 and 25,603.95, respectively.
The indices opened lower, extending the last session's momentum amid declines in heavyweights like Asian Paints, TCS, and Maruti Suzuki; however, amid value buying in metal stocks, the indices recovered the losses.
Going forward, the Sensex and Nifty traded lower and in green many times based on buying and selling sentiment in top stocks.
"The index is currently consolidating above its falling trendline breakout levels and is sustaining above both its 20-day and 50-day SMA, indicating a structurally positive setup. However, momentum appears to be weakening as the RSI is placed near 53 and is slightly sloping downwards, highlighting a lack of strong buying momentum," said Vatsal Bhuva, Technical Analyst at LKP Securities.
The index is expected to regain momentum once it decisively reclaims the 59800 level. Until then, the index is likely to trade in a broad range of 59000–59800, where 59200–59150 acts as a crucial support zone near the 50-day SMA, while 59800 will continue to act as the immediate range resistance, he added.
