The Indian Stock Markets on Friday extended previous session losses with Sensex was down by 120 points while Nifty below 24,200 at open.
GIFT Nifty traded higher signalling a mildly positive start for Indian markets, even as elevated crude oil prices, continued foreign selling, and weak global cues are likely to keep sentiment cautious.
GIFT Nifty was trading around 24,238, up about 80 points or 0.33 percent, indicating that the Sensex and Nifty may open slightly higher after declining for two consecutive sessions.
On Thursday close, Sensex dropped 852.49 points, or 1.09 per cent, to settle at 77,664, while the Nifty declined 205.05 points, or 0.84 per cent, ending at 24,173.05. Market breadth remained negative, with 1,688 stocks advancing, 2,409 declining, and 155 remaining unchanged.
Hitesh Tailor, Research Analyst, Choice Equity Broking Private Limited said, "Indian equity markets are expected to open on a flat to slightly positive note on April 24, as indicated by GIFT Nifty hovering around 24,214, up approximately 51 points, suggesting a mildly optimistic start. However, the previous session reflected underlying weakness."
"The Nifty index opened lower by 175.75 points at 24,202.35 and traded within a narrow range, touching a high of 24,310.20 and a low of 24,134.80 before closing down 205.05 points at 24,173.05. The formation of a Gravestone Doji-like candlestick pattern indicates selling pressure at higher levels. Immediate support is placed in the 23,950–24,000 zone, while resistance is seen at 24,350–24,400. The RSI stands at 53.24, suggesting neutral momentum, whereas India VIX rose 1.58% to 18.59, pointing to a slight increase in market volatility and uncertainty."
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