Nifty Outlook: The Nifty had a very weak performance on Tuesday before Ganesh Chaturthi’s holiday on Wednesday. It slipped below the 15,800 crucial support level after a weak start and closed below the 50-day EMA. By the end of the trading, the index fell 256 points to 24,712, which is the lowest level since August 14.
Now on Thursday, how will the Nifty move and which level and factor will be important, you will understand it from experts. But, before that, let us know what happened in the market on Tuesday.
Auto-FMCG Heavyweights gave some relief
Tuesday overall market was weak. However, Auto and FMCG Heavyweights such as Eicher Motors, Hindustan Unilever, Maruti and ITC gave some support to the index. On the contrary, shares like Shriram Finance, Sun Pharma and Tata Steel were big louquars of the day.
All sectoral index except Nifty FMCG closed in red mark. Nifty Realty, Consumer Durables and PSU Banks remained the biggest decline. Pressure was also seen in the broad market, where the Nifty Midcap 100 index fell 1.62% and the Nifty Smallcap index fell more than 2%.
Due to what was a big decline
The reason for the decline in equity market was the US imposing additional fees on India. US President Donald Trump has imposed an additional 25% fee on India, causing the total duty to 50%. It came into force from 27 August.
At the same time, the Global Market’s sentiment was shocked when Trump dismissed Fed Governor Lisa Cook on charges of mortgage documents. Also, many countries threatened to ban chip exports in response to digital service tax.
Now which factor will the market be eyeing
The Indian market was closed on Ganesh Chaturthi leave on Wednesday. Volatility may increase in view of the upcoming expiry session and global developments. Investors will keep an eye on whether the secondary tariffs imposed on India are postponed, because if this happens, the market perception may improve in the near future.
US finance minister Scott Bessent indicated this Also gave. He says that despite the current business tension, America will finally come with India. He also cited a good relationship between PM Modi and Trump.
Expert opinion on Nifty
According to Nagraj Shetty of HDFC Securities, the short-term trend of the Nifty remains weak. The main support levels are at 24,600 and 24,400. However, if the index remains permanently above 24,900, short covering may begin in the near period.
The metaphor of LKP Securities says that selling on the index will dominate as long as it will trade below 24,850. Correction in downside can go up to 24,150 or even below.
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Nandish Shah of HDFC Securities said, “If the Nifty falls below 24,673, it can slide further towards the next support 24,340. Upwards, 24,900 will serve as an immediate resistance.”
According to Om Mehra of Samco Securities, support is at 24,600 (100-SMA) and 24,500. At the same time, the resistance is around 24,900–25,000, where there are short-term moving averages. The outlook is expected to remain weak until the index re -achieves these levels.
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