Indian shares extended their losing streak to five days as domestic technical indicators and global developments weigh on investor sentiment, with support levels in focus ahead of key resistance points.
Indian equities started the week on a softer footing, with the Nifty 50 falling 0.32% to 24,287 after a choppy session and extending its losing run to five straight days, according to CNBC-TV18. The benchmark opened marginally lower, drifted down through the first half of trade, then recovered some ground as banking shares steadied, before a late bout of volatility pushed it back into the red. Hindalco Industries and Tata Steel led the gainers, while HCL Technologies and Infosys were among the main laggards.
The broader market held up better than the frontline index. CNBC-TV18 said both the Nifty Midcap 100 and Nifty Smallcap 100 finished higher, even as sector performance remained mixed. Nifty Realty and Nifty Metal outperformed, while Nifty IT and Nifty FMCG were the weakest pockets. The Bank Nifty also showed relative resilience, finding support near its 50-day exponential moving average before ending largely unchanged.
Technical analysts are watching the 24,200 area closely. Hitesh Rathi of Angel One said the Nifty has slipped below its 20-day DEMA, which points to further near-term weakness, but noted that sellers have so far struggled to force a break below last week’s lows. Rupak De of LKP Securities said the index remains under pressure while it stays below 24,400, with downside support seen at 24,225 and then 24,190 and 24,050. Om Mehra of SAMCO Securities pegged immediate support at 24,190 and 24,050, while saying 24,500 is the key level that would need to be reclaimed to revive the recovery attempt.
For Bank Nifty, Sudeep Shah of SBI Securities said 57,900-58,000 is the main resistance band and 57,100-57,000 is important support, with a clean move outside that range likely to set the next direction. Wider market participants are also weighing global cues, including developments around the Strait of Hormuz, crude prices and the US Federal Reserve’s July meeting minutes later this week. Moneycontrol has separately reported that traders are still focused on whether the Nifty can hold its recent gap support, while other market commentary points to a 24,200-24,800 range in the near term.
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