’Fasten your seatbelts’— BTIG strategists warn of coming turbulence
Stocktwits - A sharp selloff on Thursday erased nearly ₹5 lakh crore in investor wealth, dragging the Nifty50 below the 25,000 mark intraday and raising widespread caution heading into Friday’s trade.
SEBI-registered analyst Mayank Singh Chandel referred to the day as a “terrible Thursday," citing a Sensex drop of over 800 points and a fall in Nifty below 24,900.
He attributed the volatility to Middle East tensions, weak global cues, the absence of U.S.-China trade triggers, and expiry-related volatility.
Chandel noted that Nifty had been facing resistance at 25,200 for three consecutive days, with a previous gap from June 9 now getting filled.
However, he said the index had taken support around 24,800 and maintained that the higher-high, higher-low structure on the daily chart was still intact.
Bharat Sharma of StockAce Financial Services said Thursday’s breach below 25,000 was not indicated by open interest or price action during the first half, calling the move “not generous.”
He said the price action suggested a failed breakout, with Nifty now re-entering its previous consolidation “box.”
According to Sharma, positional support lies at 24,500, with 20-double exponential moving average (DEMA) support at 24,800.
He flagged a potential intraday fall below 24,800 that could extend towards 24,720–24,650–24,580 and ultimately 24,500.
On the upside, resistance stands at 24,920, and reclaiming 25,000 would be key for further gains.
Meanwhile, SEBI-registered analyst Dipak Takodara identified crucial support at 24,800–24,850, corresponding to the 20-simple moving average (SMA).
Deeper support exists at 24,450–24,500, marking the bottom limit of the consolidation zone.
Resistance levels were noted at 25,200–25,250 and, above that, at 25,650–25,750.
The analyst said that breaking above 24,850 would elevate prices to 25,250, while falling below this level would lower prices to 24,450.