Stock Market Today: The BSE Sensex shed 318.76 points or 0.39 per cent to settle at 81,501.36. Similarly, Nifty50 ended at 24,971.30, down 86.05 points or 0.34 per cent
ech View: Market sentiment bearish, break below 24,900 could intensify weakness
The Nifty has slipped after a brief consolidation on the hourly time frame, suggesting increasing bearish sentiment among traders. The recent weakness has led Nifty below the 38.20 per cent retracement of the previous rise from 24,694 to 25,212.
Sentiment now appears slightly bearish, with immediate support at 24,900. A break below this level could intensify the weakness, potentially dragging Nifty down to 24,700. On the upside, 25,000 remains a strong resistance; only a decisive breakout above this level may trigger a directional rally in the market.
Comment: Market traded with negative bias on fears of downgrade in FY25 earnings
The national market traded range bound with a negative bias due to the fear of a downgrade in FY25 earnings, which could impact the sustainability of premium valuation.
The participants are expecting only a slow pace in earnings expansion in Q2FY25 due to insipid demand and volatility in input prices. The rate of recovery in Q2 compared to Q1 is below expectation.
