Now Reading: Nifty holds 24,300 in fourth day of decline; metal, IT drag
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Nifty holds 24,300 in fourth day of decline; metal, IT drag
The Nifty 50 traded at 24,341.65, down 54 points, and the Sensex at 77,839.55, lower by 240 points, as of 12:35 pm on Friday, extending losses for a fourth straight session. All…
The Story in Brief
The Nifty 50 traded at 24,341.65, down 54 points, and the Sensex at 77,839.55, lower by 240 points, as of 12:35 pm on Friday, extending losses for a fourth straight session. All major sectoral indices were in the red, with Nifty Metal the worst performer, followed by Nifty IT. Sudeep Shah of SBI Securities said the Nifty has been stuck in a 438-point range since August 4, with a breakout needed for direction. The advance-decline ratio on the Nifty was a weak 14:36.
Top losers included TMPV, down 4.9%, Asian Paints, and Jio Financial Services. Gainers included Apollo Hospitals, up 2.9%, and Bharti Airtel. Options data showed heavy call writing at the 24,400 and 24,500 strikes, while the 24,300 put had large open interest, suggesting the market may stay in that band. Shah identified 24,240 as immediate support and 24,450 as resistance.
The Indian Opinion
The claim that markets are 'directionless' ignores a clear pattern: the Nifty has not budged beyond a 438-point band since early August. This is not confusion but consolidation after a sharp run-up. The real test is whether the index can hold 24,240 on Monday. A close below that would make the bears' story more credible than the bulls' wait for 24,450.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
