The Indian stock market faced downward pressure again on Monday (24th February, 2025) amidst a mixed global cues. The benchmark BSE Sensex, which had opened at 74,893.45, declined 923.62 points (1.23 percent) to an intra-day low of 74,387.44, today.
Furthermore, if we look at what analysts have to say, the Indian markets opened with a negative bias coupled with the weak cues from the US; creatine not helping the market. Adding to this, Wall Street indices have closed sharply lower on Friday due to the ongoing tariff concerns and fears of a US economic slowdown.
Another major aspect would be the continued FII selling, wherein, foreign investors have pulled out over Rs 23,710 crore from the Indian equity markets so far in February. And amid rising global trade tensions, this seeling has pushed the total outflows beyond Rs 1 trillion in 2025. As per the reports, these investors have pulled out Rs 78,027 crore in January, wherein, the total outflow by FPIs has reached Rs 1,01,737 crore in 2025, thus far. Another important reason would be the lingering concerns surrounding the resolution of the Russia-Ukraine conflict.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd. highlighted, "Nifty opened with a gap down, faced selling pressure, and settled on a negative note at 22,553. The volatility index, India VIX, cooled off by 0.60% to 14.44, indicating a decline in market volatility.”
Technically, on the daily chart, Nifty has formed a red candle, indicating weakness. Furthermore, the index breached the 22,700 support level and closed below it. Thus, on the upside, 22,700-22,800 will serve as a solid resistance zone. On the downside, the index will find initial support at 22,500, followed by the 22,050 level, where the 100-weekly Exponential Moving Average is positioned. Traders should monitor these levels for potential trading opportunities.
“Similarly, Bank Nifty opened with a gap down, witnessed selling pressure, and concluded the session lower at 48,652. On the daily chart, Bank Nifty has formed a doji candle, reflecting uncertainty. On the downside, bank nifty will find strong support around 47,840, while on the upside 49,650 will remain a challenging barrier for the index. Traders should closely watch these levels for potential trading opportunities," he adds.
