The Nifty closed 45 points lower, while the Sensex was down by 207 points
Shrikant Chouhan, Head Equity Research, Kotak Securities:
FinTech BizNews Service
Mumbai, September 2, 2025: Today, the benchmark indices experienced profit booking at higher levels. The Nifty closed 45 points lower, while the Sensex was down by 207 points. Among sectors, FMCG and Defence indices rallied over 1 percent, whereas intraday profit booking was seen in selective banking and financial stocks. Technically, after an intraday rally, the market faced resistance near 24,750/80,700. Due to profit booking at higher levels, it corrected sharply, shedding over 200/700 points from the day's highs.
We believe that the intraday market remains volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders. On the lower side, 24,500/80,000 would act as a crucial support zone. Below this, the market could retest levels of 24,400-24,350 /79,700-79,500. On the higher side, the 20-day SMA (Simple Moving Average) or 24,700/80,500 and 24,750/80,700 could serve as key resistance levels for the bulls. A successful breakout above 24,750/80,700 could push the market up to 24,900/81,200.
According to Mr. Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd: The domestic benchmark index Nifty opened flat, witnessed profit booking, and finally settled on a negative note at 24,580. Technically, Nifty formed a small red candle with long upper shadow, indicating selling pressure at higher level. On the upside, 50-DEMA hurdle is placed near 24,800, which will act as strong resistance in the short term, while 24,340 will act as key support for the index. Thus, in short term, Nifty is likely to consolidate in the band of 24,340-24,800 and breakout on either side will determine the next direction for the index.
The Bank Nifty index opened positive, witnessed heavy selling pressure and eventually settled on a bearish note at 53,661. Technically, the Bank Nifty index formed a red candle on a daily scale, but it is still holding above important support of 200-DEMA, which is placed around 53,575. If index respects 53,575 level, then short term pullback can be possible but decisive break below 53,575 could trigger fresh weakness in Bank Nifty.
