Indian benchmark indices ended Friday in the red, registering their third straight loss dragged by auto and bank stocks. While the S&P BSE Sensex settled at 81,381.36, down by 230.05 or 0.28%, the broader Nifty50 closed at 24,964.25, lower by 34.20 or 0.14%.
The psychological support of 25,000 was breached on a closing basis for two consecutive days, which indicates that the weakness is likely to continue, Tejas Shah, Technical Research at JM Financial & BlinkX said. At the current juncture, the bears are in full control of the markets and are using every pull back rally to create short positions, he said.
Support for Nifty is now seen at 24,920 and 24,750 while on the higher side, immediate resistance for the heart beat index is at 25,000-25,050 levels with the next resistance levels seen at 25,250-275, this analyst said.
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