Investors in India extended their selling spree from yesterday despite the optimistic signals from other Asian indices. The benchmark indices experienced a 0.7% loss as they finished in the red on Thursday. At 59934, the Sensex is down 412 points. Nifty lost 126 points and closed at 17877. On the back of selling in real estate and IT equities, the Indian equity markets continued to trade weakly in the late afternoon session. After Fitch Ratings cut India's GDP growth forecast for FY23 to 7%, warning that the economy is likely to slow against a backdrop of the weak global economy, high inflation, and high interest rates, traders exercised caution. Additionally, the markets were poor as India's merchandise trade imbalance increased to $27.98 billion in August from $11.71 billion a year earlier. The market fell after US inflation statistics in the previous day, but major indices bounced back and reported gains on Thursday. Shanghai experienced a significant decline today, while Nikkei and Hong Kong experienced gains. In the morning, trading was also positive in Europe. The Nifty encountered resistance at 18125, causing it to close down for the day. A black cloud cover pattern that suggests declining bullishness has developed on the daily chart. Although the Nifty closed above the daily chart's descending trend line, the short-term trend is still up. Support is present at 17800 on the lower end, below which the short-term trend may weaken. Resistance is evident at 17950/18150 on the higher end.
Resistance: 17900, 18000, 18100
Support: 17800, 17700, 17600
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