The benchmark Nifty 50 witnessed profit booking and wiped out all of its previous day’s rally, possibly following Fed Chair Jerome Powell’s signal of no rate cut in the December policy meeting. As a result, the index failed to defend the psychological 26,000 mark, which is crucial for further upward movement, and closed below the 25,900 zone.

If the index sustains below the 26,000–25,950 resistance levels, consolidation may continue with immediate support at 25,800–25,700. A fall below this zone could open the door for a decline towards 25,500, which remains a crucial support level.

Until the index sustains above 26,000, the upward momentum may remain limited.

The Nifty 50 remained under pressure throughout the session, hitting an intraday low of 25,845 before closing at 25,878, down 17

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