Rate sensitive sectors remain in focus

Nifty index opened on a positive note and traded in a narrow 100-point band between 24600 to 24700 for most part of the day.

- Motilal Oswal Team

Bears attempted to drag the index below 24600, but strong put writing at this zone provided a cushion, helping it hold that level. The index witnessed intraday swings on both sides but remained confined within the range. On the daily chart, Nifty formed a bearish candle, extending the sequence of lower lows for the eighth straight session, reflecting continued selling pressure and dominance of bears. Now till it holds below 24700 zones weakness could be seen towards 24550 then 24442 zones while hurdles have shifted lower to 24700 then 24850 zones.