Indian equity markets ended lower in the first trading session of the week on Monday, August 31, as a hawkish message from US Fed Governor Kevin Warsh at the Jackson Hole symposium, coupled with renewed tensions in West Asia, pushed crude oil prices sharply higher and weighed on investor sentiment. The NSE Nifty50 settled at 24,080, down 95 points, or 0.39%.
From a technical point of view, the Nifty50 index continues to remain weak as it trades below the critical moving averages. In the near term, the index may witness a minor pullback towards 24,180–24,200. However, the higher levels are likely to act as resistance, said Rupak De, Senior Technical Analyst at LKP Securities. A sustained move above 24,200, he believes, could trigger a further rise of around 100 points, while 23,990 remains the key support level. A sustained break below this level could resume the correction in the market.
