Indian equity markets remained range-bound during Wednesday's session, with the NSE Nifty50 slipping below the crucial 24,300 mark.
At close, the Nifty 50 stood at 24,207.75, down 126.80 points, or 0.52%.From a technical perspective, the Nifty formed a Dark Cloud Cover pattern on the daily timeframe, raising the possibility of a bearish move in the coming days.
However, the broader trend remains positive as the index continues to trade within a rising channel.Overall, range-bound trading continues, with sellers emerging at higher levels.
The RSI has once again entered a bearish crossover, said Rupak De, Senior Technical Analyst at LKP Securities.
A fall below 24,130, he believes, could trigger a serious correction, potentially dragging the Nifty towards 23,900 and 23,700.
