Indian frontline indices ended their two sessions gaining streak on Friday and ended lower dragged by bank, IT and pharma stocks. While the S&P BSE Sensex settled at 79,223.11, down by 720.60 points or 0.90%, the broader Nifty closed at 24,004.75, lower by 183.90 points or 0.76%.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the Nifty failed to break above the 50 EMA on the daily timeframe, resulting in a market correction though conceding that the sentiments still remain positive as the index closed above 24,000.
“The RSI shows a bullish crossover. On the upside, the index may rise towards 24,200–24,220, with a break above 24,220 potentially pushing it to 24,500. Conversely, a decisive move below 24,000 could lead the index towards 23,700,” De said.
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