According to stock market analysts, NSE Nifty 50, which closed at the lowest level on Monday, is facing resistance at a level of around 23,000.
Aditya Gaggar, director of Progressive Share Brokers Private, said the index tested its long-term trendline support at 22,800, and another violation below this level could potentially push the index towards 22,300–22,500 area.
“Conversely, a decisive step above 23,400 is required to confirm the trend reversal,” he said. Immediate resistance and support are now located at 23,000 and 22,660 respectively. “
Srikanth Chauhan, head of equity research at Kotak Securities Limited, said, technically, the current market structure is weak and unstable, and therefore, level-based business will be an ideal strategy for day traders.
He said, the level of 23,000 will be worth seeing, as long as the index is below this limit, weak perception is likely to continue.
Chauhan said, “At the bottom, the market can slip by 22,750-22,650. However, if it grows above 23,000, the perception can change. Above this level, the pullback formation to continue until it reaches 23,100-23,150 above this level, up to 23,100-23,150. There is a possibility. “
According to Siddharth Khemka, Head of Research in Money Management at Motilal Oswal Financial Services Limited, Indian equity is expected to be under pressure in the near period, amid concerns about the business policy of US President Donald Trump.
He said, “Investors will closely monitor the third quarter results, Federal Reserve trend and India’s budget announcements during this six -day trading week,” he said.
Market recurrence
The Indian benchmark indices continued to decline in the second consecutive season on Monday. The NSE Nifty closed at 22,829.15, down 50 263.05 points or 1.14%, and a 30-stock BSE Sensex closed 824.29 points or 1.08% to close at 75,366.17. Two frontline indices posted their lowest level since June 5, 2024.
The market cap of Nifty 50 companies fell by Rs 2.4 lakh crore to Rs 182.07 lakh crore.
Currency market
The Indian rupee shut down against the US dollar on Monday, as it fell 13 paise to close at 86.34 against the greenback.
According to Bloomberg data, the domestic currency was opened with a decline of 14 paise to 86.35 against the dollar.
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