Sustained selling pressure, indices fall

Relentless selling pressure persisted throughout the session with every minor bounce being sold into keeping bulls firmly on the back foot

- Motilal Oswal Wealth Management

Nifty index opened negative and cascaded throughout the session and stooped down to 25,860 levels. It broke all its immediate support levels and gave in to selling pressure to close near its lower band with losses of around 260 points. It formed a bearish candle on the daily frame and is forming lower highs - lower lows from the last three sessions. Now till it holds below 25,950 zones, weakness could be seen towards 25,700 then 25,600 zones while resistances have shifted lower to 26,000 then 26,150 zones.