Sensex Today | Stock Market LIVE Updates: GIFT Nifty signals weak opening; US markets rally, Asian peers trade mixed

The benchmark indices saw continued profit booking at higher levels. The Nifty closed 78 points lower, while the Sensex fell by 143 points. Among sectors, the Chemical and Defense indices declined nearly 2.5 percent. Despite weak sentiment, the IT index outperformed, gaining over 2.85 percent.

Technically, after opening with a gap-up, the market slipped below 23,000/74500, with selling pressure intensifying after the breakdown. From the day’s high, the market dropped nearly 470/1450 points before recovering some losses in the final hour. On the daily chart, the index formed a bearish candle, while the intraday lower-top formation suggests a broadly negative setup.

For day traders, the 20-day SMA (Simple Moving Average), along with 22,800/73700 and 22,750/73500, would act as key support zones. If the market holds above these levels, it could rebound toward 22,950-23,000/74000-74500. Conversely, selling pressure is likely to intensify below 22,750/73500, potentially pushing the market toward 22,600-22,550/73000-72800.

Given the current volatility, level-based trading would be the preferred strategy for day traders.