Nifty ended lower on Friday, dragged mainly by IT stocks, while pharma, healthcare and energy stocks also remained under pressure. The past three sessions have been highly volatile, with the index witnessing a sharp decline amid renewed US-Iran tensions.
Decoding the charts, Rupak De, Senior Technical Analyst at LKP Securities, said the index faced resistance near its 100-day EMA on the daily chart, which capped the rally and triggered fresh selling, dragging it below the 24,000 mark. The broader setup now appears bearish, with Nifty likely to drift towards 23,500. However, he added that 24,200 remains an immediate resistance level, and a move above it could help improve market sentiment.
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