Sentiment remains weak; indices decline

Motilal Oswal Team

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Nifty index opened flattish and displayed notable bearish momentum throughout the session, reflecting a lack of buying appetite and sunk below 25500 zones. It formed a bearish candle on daily frame with longer upper shadow which signals pressure at any bounces. It closed near its lower band with losses of around 90 points and continues to form lower highs — lower lows from the last five sessions. Now till it holds below 25650, weakness could be seen towards 25350 then 25200 zones while resistances have shifted lower to 25700 then 25800 zones.