Trade setup: Will the market decline increase tomorrow? Expert told which level to keep an eye on

News Topical, Digital Desk :   The stock market is closed on Wednesday on the occasion of Ganesh Chaturthi. A day earlier, the market was shocked by the Trump tariff and the Nifty closed below 24750 with a decline. The closing level of the index in the last session was the lowest since August 14. The Trump government has announced a secondary tariff on India and due to this the sentiments in the market have deteriorated. According to experts, some levels have now become very important for the market, if these levels are broken then the market can go down further. Due to global signals and expiry session, sharp fluctuations are possible in the market on Thursday.

What levels to keep an eye on tomorrow

According to Nagaraj Shetti of HDFC Securities, the short-term trend for Nifty remains weak, with the main support levels for Nifty at 24,600 and 24,400. However, if Nifty gains stability above 24,900 for any reason, the possibility of short covering may increase in the near future. Rupak Dey of LKP Securities said that as long as Nifty trades below 24,850, selling pressure will remain on it. If this pressure increases, correction may open up to 24,150 levels. Nandish Shah of HDFC Securities said that if Nifty falls below 24,673 on a decline, it may slip further down towards the next support of 24,340. On the upside, 24,900 will act as the current resistance for Nifty. Om Mehra of Samco Securities said that the support for Nifty is at 24,600 which is the 100-SMA and 24,500, while the resistance is around 24,900-25,000. Until the index regains these levels, the market outlook will remain weak.

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