On Tuesday, the Nifty concluded its session with a notable 6% decline, settling at 21,884.50. This resulted in the formation of a long bearish candle on the daily charts. Additionally, it closed below both short-term and medium-term averages.

For traders now, 50-day SMA or 22,400/73,500 and 22,500/74,000 would be the key resistance areas while 21,600-21,300/71,000-70,200 would act as key intraday support zones. “We are of the view that the current market texture is extremely volatile and uncertain; hence, it is advisable that traders should remain cautious for next few trading sessions,” Shrikant Chouhan, Head of Equity Research, Kotak Securities said.