Indian equity benchmarks ended lower on Wednesday after a volatile session, with stronger-than-expected wholesale inflation and elevated crude oil prices prompting investors to book profits following Tuesday’s sharp rally. The Nifty 50 declined 99 points, or 0.44%, to close at 22,623.
From a technical perspective, the Nifty continues to test the 22,580-22,620 support zone, which has attracted buying interest. However, repeated tests could weaken this support unless the index moves back above the 22,750-22,800 range, said Hariselvan Radhakrishnan, Founder and CEO of HST Wealth. A decisive break below 22,580 could drag the index towards 22,400 and 22,300, while a sustained move above 22,800 could open the way towards 23,000.
