Mumbai, May 22 || The domestic benchmark indices opened lower on Thursday amid negative global cues as selling was seen in the IT and auto sectors in the early trade.
At around 9.26 am, Sensex was trading 726.42 points or 0.89 per cent down at 80,870.21 while the Nifty declined 225.0 point or 0.91 per cent at 24,588.45
Nifty Bank was down 336.20 points or 0.61 per cent at 54,738.90. The Nifty Midcap 100 index was trading at 56,312.00 after dropping 307.60 points or 0.54 per cent. Nifty Smallcap 100 index was at 17,509.10 after declining 39.50 points or 0.23 per cent.
According to analysts, technically, a breakout above or below the inside bar's range could offer clear directional cues. On the downside, 24,600 remains a critical immediate support, with stronger support near 24,500. A breakdown below this level could increase selling pressure and drag the Nifty index toward the 24,300–24,000 zone.
"On the upside, 24,900 acts as the initial resistance, while 25,000 is a key psychological barrier. A decisive move above this level may trigger a bullish rally toward the 25,200–25,500 zone," said Mandar Bhojane, Equity Research Analyst of Choice Broking.
Meanwhile, in the Sensex pack, Only Adani Ports and Tata Steel were the top gainers. Whereas, Indusind Bank, Tech Mahindra, Powergrid, HCL Tech, Nestle India, Hindustan Unilever Limited were the top losers.
In the Asian markets, China, Hong Kong, Bangkok, Seoul and Japan were trading in the red. whereas Only Jakarta was trading in green.