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Nifty formed a bearish candle with a minor lower shadow on the daily chart. Market action indicates a downward correction after the recent stellar upmove.

Nifty opened moderately higher, above 25900, but could not sustain those levels for long. It corrected as the day progressed and finally closed at 25795, down 96 points.

Weekly chart, Nifty formed a small negative candle with a long upper shadow, signaling consolidation and selling pressure at higher level. However, it defended the previous week’s high as well as closing level, ending the week 0.33 percent higher.

Market snapped six day winning streak and dragged Nifty near 25700, intraday, amid selling across the sectors barring metal and telecom names.

RSI, which was at 67.92, declined, while the Stochastic RSI showed a negative crossover. MACD sustained its bullish crossover, and the histogram remained above the zero line, though its positive momentum faded slightly.

Falling below this level could strengthen bearish sentiment. On the higher side, 25900/26000 remains the crucial resistance zone for any further upward movement.

Bears can drive Nifty toward 25500 if Friday’s low gets broken next week.

Nifty remained weak during the session as traders continued to book profits. lower end, it slipped below the initial support of 25850, leading to a decline towards 25700.

Markets extended their decline on Friday, with the Nifty slipping nearly 0.4% to close around 25795. After a flat start, Index remained under pressure throughout the session amid broad-based selling. Sectorally, most indices moved in line with the benchmark, with FMCG, banking, and pharma among the top losers, while metals stood out, gaining over a percent. The broader indices also ended in the red, leading to weak market breadth.

Overall near term trend of the Nifty remains positive, but the market is witnessing selling pressure in the short term.

Next 1/2 sessions might remain volatile; however, a sustained rally looks possible thereafter.

“Further weakness from here could bring crucial support around 25600/25500 level, which could be a buy on dips opportunity for the next week. Immediate resistance is placed at 25950.

Sector Wise :- Metal and telecom indices up 1% each, while FMCG, PSU Bank, pharma, private bank, consumer durable down 0.5-1%.