Tag: Global Cues

  • Flat Start for Indian Markets: Nifty 50 Steady, Sensex Edges Down 15 Points on Weak Global Sentiment

    Flat Start for Indian Markets: Nifty 50 Steady, Sensex Edges Down 15 Points on Weak Global Sentiment

    Indian equity benchmarks opened on a flat note Thursday, tracking weak global cues. The Nifty 50 started at 24,249.55, nearly unchanged from its previous close of 24,250.20, while the Sensex opened 15 points lower at 77,638.86. The Bank Nifty also declined, opening 778.85 points below its prior close.

    The rupee strengthened marginally, opening at Rs. 95.58 against the U.S. dollar compared to Wednesday’s close of Rs. 95.64. Foreign institutional investors (FIIs) remained net buyers, purchasing shares worth Rs. 2,982 crore on July 29, while domestic institutional investors (DIIs) bought stocks worth Rs. 998 crore.

    Broader market indices outperformed, with the Nifty Midcap 100 rising 0.8% and the Nifty Smallcap 100 gaining 1.5%.

    Sensex Outlook

    Technically, the Sensex stayed positive in the previous session, hitting an intraday high of 77,765.49. Buying interest across key sectors and improving momentum supported the index.

    “The 77,000 level is expected to provide immediate support and act as a crucial cushion against any short-term pullback. On the upside, 78,500 is the key resistance level, and a sustained move above this mark could strengthen bullish momentum,” said Sachin Gupta, VP – Technical Research at Choice Equity Broking.

    Nifty 50 Outlook

    The Nifty 50 remains in a consolidation phase after recent weakness. It formed a bearish candle on the daily chart, indicating continued corrective momentum.

    “Overall, the index is expected to extend consolidation in the range of 23,800-24,350. Only a breakout or breakdown will signal the next directional trend. Short-term support is placed at 23,800, being the confluence of the almost identical low of the last 5 weeks and 50 days EMA,” said Bajaj Broking Research.

    A decisive break below Wednesday’s low of 23,961 could drag the Nifty toward the 23,800 support. On the upside, the 24,200 mark is expected to act as immediate resistance.

    Bank Nifty Outlook

    Bank Nifty formed a high-wave candle with a higher high and higher low, indicating renewed buying interest after consolidation. The index has largely traded within the 56,500-58,700 range over the past six weeks.

    “The 57,500 remains the immediate hurdle, while a sustained move above this level could pave the way for an advance towards 58,000. On the downside, the 56,500-56,000 zone remains a crucial support area, reinforced by the lower band of the six-week trading range, an ascending trendline, and the 52-week EMA. The index holding above this support cluster suggests a constructive broader outlook,” said Bajaj Broking.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions. Analytics Insight does not provide financial guidance on stocks or cryptocurrencies.

  • Indian Markets Edge Higher: Nifty Holds 24,112, Sensex Gains 150 Points Amid Mixed Global Cues and US-Iran Tensions

    Indian Markets Edge Higher: Nifty Holds 24,112, Sensex Gains 150 Points Amid Mixed Global Cues and US-Iran Tensions

    Indian benchmark indices opened with modest gains on Wednesday, as traders navigated mixed global cues and ongoing US-Iran tensions. The Nifty 50 opened at 24,112, up 34 points, while the Sensex added 150 points. However, the Bank Nifty slipped 60 points in early trade.

    On the previous day, the Sensex rose 130.49 points, or 0.17%, to close at 77,185.43, and the Nifty 50 gained 26.45 points, or 0.11%, to settle at 24,078.50. The rupee opened at Rs. 96.25, nearly unchanged from Wednesday’s close of Rs. 96.26. Domestic institutional investors (DIIs) bought equities worth Rs. 704.93 crore on July 15, while foreign institutional investors (FIIs) turned net sellers, offloading Rs. 735.83 crore.

    Sensex Outlook

    Technically, the Sensex formed a Doji candle on the daily chart, indicating indecisiveness among traders.

    “On the positive side, 77,500 would act as a key resistance zone for traders, while 77,000 remains the crucial support zone for the bulls. Above 77,500, the market could move up to 77,800-78,000. On the flip side, dismissing the 77,000 level could accelerate selling pressure. Below this, the market could retest the level of around 76,300-76,000,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

    Nifty 50 Outlook

    The Nifty 50 formed a long doji candle on the daily chart with shadows on both sides, reflecting intraday indecision.

    “Nifty 50 is currently hovering within a narrow range of around 24,200-24,000 levels and is showing a lack of strength to sustain the highs. A decisive move beyond the range could open sharp movement on either side,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

    The sideways movement is expected to continue for the next 1-2 sessions, with support at 24,000 and 23,800 below that. Traders must clear the intraday hurdle of 24,200 to stage a larger breakout toward 24,500-24,600.

    Bank Nifty Outlook

    Bank Nifty has been consolidating on the daily chart over the past few sessions. The index formed a small-bodied candle with an upper wick, highlighting its inability to sustain at higher levels.

    “Going ahead, the immediate support for Bank Nifty is placed in the 57,300-57,200 zone. Any sustainable move below this zone could result in the index extending its weakness towards 56,800, followed by 56,400 in the short term. On the upside, the immediate resistance is placed in the 58,200-58,300 zone,” said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.