Yesterday, the benchmark indices experienced profit booking at higher levels. The Nifty closed 158 points lower, while the Sensex was down by 542 points. Among sectors, the IT index lost the most, correcting 2.20 percent, whereas despite weak market sentiment, the PSU Bank index rallied over 1.40 percent. Technically, the market once again faced resistance near 25,250/82,800 and reversed sharply. On daily charts, a bearish candle has formed, and on intraday charts, a lower top formation is evident, which is largely negative.

We are of the view that, although the intraday market texture appears weak, a fresh selloff is possible only after the levels of 25,000/82,000 are breached. Below these levels, the market could retest 24,900-24,835 / 81,700-81,500. Conversely, if the market moves above 25,125/83,200, a technical bounce back to 25,250/82,800 could occur. Further upside may continue, potentially lifting the market to 25,325/83,000.