Nifty 50 slips to 24,090 to test key support as volatility rises on geopolitical risks

Indian benchmark indices closed at their daily lows on Thursday amid rising volatility and geopolitical uncertainty. The Nifty 50 fell 117 points, or 0.48 percent, to 24,090.85, extending its decline for a second consecutive session.

Wider indices also faced selling pressure, with the Nifty Midcap 150 and Nifty Smallcap 250 slipping 0.10 percent and 0.12 percent, respectively. The Sensex declined 539 points, or 0.70 percent, to settle at 76,933.59 as mixed global signals and rising oil prices weighed on sentiment.

Although the Nifty 50 opened approximately 70 points higher, it failed to sustain early gains and gradually weakened. The relative strength index dropped to 43.47 against its average of 50.10, highlighting weakening momentum as the index closed near the day’s low.

“The derivatives setup remains relatively supportive, with PCR at 1.18 and Put OI concentrated around 24,200–24,000, offering some cushion on declines,” said Sumeet Bagadia, Executive Director at Choice Broking. He noted that the India VIX increased to 11.07, reflecting a rise in volatility.

Bagadia emphasized that the 24,000 mark remains a critical make-or-break level for the broader index. “Holding above it could encourage a recovery, whereas a decisive break below may extend weakness towards 23,800–23,600,” he added.

The Nifty Bank index mirrored this weakness, closing down 273.80 points, or 0.47 percent, at 57,509.95. The financial gauge also opened higher before facing steady selling pressure to form a bearish engulfing candlestick on the daily chart.

“Although Bank Nifty continues to trade above its broader rising trendline, a sustained break below 57,000 could weaken the prevailing structure,” Bagadia observed. He warned that reclaiming and holding above 58,000 would be necessary to revive positive momentum in the sector.

Amid the broader market caution, Choice Broking identified five stocks exhibiting strong technical breakouts for Friday trading. These recommendations rely on momentum indicators and moving average crossovers to signal potential short-term gains.

Wonderla Holidays is recommended for purchase at ₹542 with a target of ₹585, following a decisive break above its 200-day exponential moving average. Orkla India is flagged at ₹606 with a ₹650 target, as its relative strength index surged to 67.53 while testing a major descending trendline.

Bharat Heavy Electricals is set for a buy at ₹434 targeting ₹470, supported by a strong structural uptrend above key moving averages. Adani Power is recommended at ₹215 with a ₹233 target as it attempts a bullish reversal, while Global Health is flagged at ₹1,509 targeting ₹1,625 after hitting fresh all-time highs.