Nifty recovered from the day’s low but still ended with deep cuts on Monday amid selling pressure across the board but more prominently in financials, auto and consumer stocks. The index has slipped below the rising trendline on the daily timeframe, indicating increasing pessimism in the market. Rupak De, Senior Technical Analyst at LKP Securities said Nifty opened gap down amid weakness emerging from the Middle East and after today's sharp cuts, its RSI remains is now in a bearish crossover, confirming weak momentum. "The immediate crucial support is placed at 24,600. A decisive breakdown below this level could trigger a deeper correction in the market. On the higher side, resistance is seen at 25,000. Until the Nifty sustains above 25,000, overall sentiment is likely to remain tilted in favor of the bears," De said.Equity markets are closed today on account of the Holi holiday.Here are 2 stock recommendations for Wednesday: Stock Ideas

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Nifty Faces Deep Cuts Amid Selling Pressure Across Key Sectors

The Nifty index experienced a recovery from its day's low on Monday but ultimately ended the day with significant losses, driven by selling pressure in various sectors, including financials, autos, and consumers. This decline has led the index to slip below its rising trendline on the daily timeframe, indicating growing pessimism in the market.

Market Analysis

Rupak De, a Senior Technical Analyst at LKP Securities, noted that the Nifty opened with a gap down due to emerging weakness from the Middle East and following today's sharp losses, its Relative Strength Index (RSI) is now in a bearish crossover, confirming weak momentum in the market.

Key Support and Resistance Levels

The immediate crucial support level is placed at 24,600.
A decisive breakdown below this level could trigger a deeper correction in the market.
On the higher side, resistance is seen at 25,000.
Until the Nifty sustains above 25,000, the overall sentiment is likely to remain tilted in favor of the bears.