The markets lost all of their intraday gains and finished Wednesday’s tumultuous session down. Near the end of the session, the NIFTY50 index dropped about 300 points from its peak and closed the day below the psychologically significant 25,000 barrier.
Sector-wise, FMCG (-1.5%) and Energy (-0.8%) saw the biggest declines, while Real-Estate (+2.1%) and Pharma (+2.0%) saw the biggest gains.
On the daily chart, the bullish harami pattern that emerged on August 8th was not confirmed by the NIFTY50 index, suggesting weakness in the sessions to come. A two-candlestick reversal indication known as a bullish Harami pattern occurs when a little bullish (green) candle develops inside the body of a bigger bearish (red) candle.
The 20—and 50-day moving averages, which will serve as immediate resistance, are currently below the index’s price. Conversely, the next support can be seen around the 24,300–24,400 range, which also happens to be the 100-day moving average.
Expanded the reach of its collaboration with Microsoft to encourage the global adoption of cloud computing and generative AI. The strategic partnership aims to help businesses accelerate their digital transformation by utilising enhanced cloud solutions and AI capabilities.
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