Sentiment cautious, key indices fall

The benchmark Nifty 50 came under selling pressure as traders booked profits, erasing the previous day’s gains after U.S. Federal Reserve Chair Jerome Powell indicated that a rate cut in the December policy meeting was unlikely. This dampened market sentiment, leading the index to slip below the psychological 26,000 mark — a key level for sustaining bullish momentum — and settle beneath the 25,900 zone.

- Motilal Oswal Team

Technically, if Nifty fails to reclaim and hold above the 26,000-25,950 resistance band, it may continue to consolidate, with immediate support seen at 25,800-25,700. A breach below this zone could pave the way for further downside towards 25,500, a critical support area. Unless the index moves decisively above 26,000, the upward bias is likely to remain capped. Throughout the session, the index remained subdued, hitting an intraday low of 25,845 before closing at 25,878, down 176 points or 0.68%, forming a bearish candle on the daily chart. The RSI stood at 64.14, while the Stochastic RSI signaled