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#Nifty opened on a flat note and witnessed a sharp selloff thereafter. It closed in the red down ~361 points. On the daily charts we can observe that the consolidation of the last three trading sessions has broken down and filled the gap area formed on the 25th Nov between 23950 – 24150. Crucial retracement levels are placed at 23935 – 23807 which is likely to act as a strong support zone and potentially an uptrend resumption zone. Overall, the trend remains positive, and we expect the Nifty to resume its upmove towards 24400.

#banknifty also broke out of the consolidation range on the upside, however fizzled out to close in the red down ~395 points. It is holding on to its crucial hourly moving averages 51800. Also, the gap area in the zone 51200 – 51800 shall act as a crucial support zone from short term perspective. Overall, this fall is unlikely to result in resumption of the fall.

SBI Life Insurance, HDFC Life, Infosys, M&M, Bajaj Finance were among the top losers on the Nifty, while gainers included Adani Enterprises, Shriram Finance, SBI, Cipla. On the sectoral front, auto, bank, IT, FMCG, metal pharma, energy shed 0.3-2 percent, while PSU Bank index gained 1 percent and Media index up 0.3 percent. BSE Midcap index ended flat and Smallcap index was up 0.4 percent.