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Nifty 50 slips below 24,000 for third straight session on US-Iran risk
The index closed at 24,396, while strategists flagged 24,350 as a key near-term support level as volatility persists.
India’s Nifty 50 extended its losses for a third consecutive session on Thursday, closing below 24,000 at 24,396 amid weak global cues tied to ongoing uncertainty around a potential US-Iran deal and the reopening of the Strait of Hormuz, according to LiveMint Markets. The session saw select metal, banking, and financial heavyweights among the top laggards, according to the report. Ajit Mishra, SVP of Research at Religare Broking, said the 24,350 support level remains crucial, with bulls trying to defend it to prevent further deterioration in the market’s near-term structure. Mishra also noted that mixed price action across index heavyweights is making it hard to establish a clear directional bias. He advised investors to focus on relatively resilient sectors and themes, using market dips selectively to accumulate quality stocks from pockets showing strength, while maintaining disciplined risk and position management. Within that framework, the report highlighted Mazagon Dock Shipbuilders and Oberoi Realty. It said Mazagon Dock shares found support near their 200-week EMA and have broken above a long-term declining trendline, suggesting improving momentum, while Oberoi Realty rebounded after profit-taking near the 1,980 to 2,000 resistance area and then broke above an intermediate trendline as volume indicated renewed buying interest, LiveMint Markets reported.