Tag: Indian equities

  • Nifty 50 and Sensex Slide as Indian Markets Open Lower on US-Iran Tensions

    Nifty 50 and Sensex Slide as Indian Markets Open Lower on US-Iran Tensions

    The Indian stock market opened lower on September 28, 2026, as US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, escalating geopolitical tensions. The Nifty 50 opened 75.6 points (0.33%) lower at 23,064.90, while the Sensex declined 160.91 points to 73,734.83. The Bank Nifty also fell 232.6 points to 55,347.80.

    The Indian rupee weakened by 7 paise to Rs. 95.88 per dollar. Foreign institutional investors (FIIs) offloaded equities worth Rs. 3,696 crore on September 25, extending their selling streak, while domestic institutional investors (DIIs) bought equities worth Rs. 2,838 crore during the session.

    Sensex Technical Outlook

    According to Sachin Gupta, VP of Technical Research at Choice Equity Broking Private Limited, the Sensex continues to exhibit a sideways-to-bearish trend. The 73,200-73,450 range is emerging as a key support zone. Sustained buying above 74,000 could reinforce recovery and push the index toward 74,200-74,500. However, a breach of the support zone may trigger renewed selling pressure. Traders should monitor the 73,500-74,000 range and changes in open interest for confirmation of the next move.

    Nifty 50 Technical Outlook

    The Nifty 50 remains under short-term selling pressure with a corrective trend, and the weekly structure indicates weakness. The daily RSI at 34 reflects weak momentum. A meaningful recovery would require sustained buying interest. The immediate hurdle is at 23,350, followed by resistance at 23,500-23,600. On the downside, support lies at 23,050-22,960, with 22,800 as the next important level. A decisive breakdown below 23,000 on higher volumes would reinforce the bearish structure.

    Bank Nifty Technical Outlook

    The Bank Nifty declined 1.38% and extended its losing streak to five consecutive weeks, trading below key moving averages. The immediate support is at 55,000, and a break below could bring 54,400 into focus. On the upside, 56,800 remains the key resistance. Experts suggest a “sell on rise” strategy as long as the index stays below this resistance. A bounce toward 56,100-56,200 could provide an opportunity to initiate fresh short positions.

  • Indian Stock Market Opens Higher as Falling Oil Prices Boost Sentiment: Nifty 50 Rises 64 Points, Sensex Gains 260 Points

    Indian Stock Market Opens Higher as Falling Oil Prices Boost Sentiment: Nifty 50 Rises 64 Points, Sensex Gains 260 Points

    The Indian stock market opened higher on Thursday, buoyed by a decline in global oil prices and mixed cues from international markets. The Nifty 50 index started the session at 23,334.70, gaining 64.1 points or approximately 0.28%, while the Bank Nifty advanced 117.1 points from its previous close. Meanwhile, the Sensex climbed 260.65 points to reach 74,575.24.

    Broader market participation improved, with the Nifty Midcap index rising 0.52% and the Nifty Smallcap index gaining 0.86%. The Indian rupee opened flat at Rs. 95.87 against the US dollar.

    Foreign Institutional Investors (FIIs) remained net sellers in the cash market on September 17, offloading shares worth Rs. 3,208.76 crore. In contrast, Domestic Institutional Investors (DIIs) were net buyers, purchasing Rs. 3,617.75 crore worth of equities.

    Sensex Outlook

    According to Sachin Gupta, VP of Technical Research at Choice Equity Broking Private Limited, the Sensex is expected to maintain its negative bias unless it breaks above the resistance zone of 74,700–75,000. On the downside, the 73,500–74,200 range serves as a critical support area. If the index falls below this level, selling pressure may intensify.

    Nifty 50 Outlook

    The Nifty 50 ended Thursday’s session 53 points higher, forming a small green candle with an upper shadow on the daily chart. The recent recovery has emerged from the key support zone around 23,100–23,000. However, the index lacks strength to reverse the prevailing trend of lower highs and lower lows.

    On the upside, the 23,400–23,500 zone poses strong resistance. A sustained move below 23,000 could trigger a deeper correction.

    Bank Nifty Outlook

    The Bank Nifty formed a long upper-shadow bearish candle, indicating strong supply at higher levels. The sharp rejection from the day’s high suggests sellers remain active. Immediate support is seen at 55,500–55,700, while resistance lies at 56,300–56,500.

    Gupta noted that the broader range for the Bank Nifty is likely to be 55,500–56,500, with a near-term sideways bias. An upside breakout above 56,500 would improve the technical structure, whereas a fall below 55,500 could add further downside pressure.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any financial decisions.

  • Indian Stock Market Opens Lower: Nifty 50 Falls 0.15%, Sensex Drops 161 Points

    Indian Stock Market Opens Lower: Nifty 50 Falls 0.15%, Sensex Drops 161 Points

    The Indian stock market opened lower on Tuesday amid mixed global cues. The Nifty 50 slipped 36.05 points (0.15%) to 23,743.10, while the Bank Nifty started 97.9 points below the prior close. The Sensex fell 161.18 points to 75,970.28.

    The broader market was mixed: the Nifty Midcap index dropped 0.5%, while the Smallcap index remained flat. The Indian rupee opened unchanged at Rs. 94.51 against the US dollar compared to the previous close of Rs. 94.49.

    Foreign institutional investors (FIIs) bought equities worth Rs. 280 crore on September 7, while domestic institutional investors (DIIs) were net buyers, purchasing Rs. 566 crore worth of equities.

    Sensex Outlook

    Technically, the Sensex formed a bearish candle on the daily chart, indicating persistent selling pressure and weakness.

    “76,300 would act as a key resistance zone. Below this, a correction wave is likely to continue. On the downside, the market could slip to 76,000-75,600. On the flip side, above 76,300, a pullback could continue till 76,500-76,700,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

    Nifty 50 Outlook

    The Nifty 50 continues to show weakness. The index formed a bearish candle on the daily chart, and the close below 23,800 points to a continuation of the ongoing corrective phase.

    The immediate trend remains negative as long as the index trades below 24,025. Sustained weakness below this level could drag the Nifty towards the 23,600-23,500 support zone. On the upside, 24,150 is expected to act as a key resistance level. The zone gains importance as it coincides with last week’s high and the 50-day EMA.

    “Key observation in the daily chart is that the daily stochastic and daily 14-period RSI has approached oversold territory. Hence, the index holding above the support area of 23,600-23,500 will lead to a pullback towards the 50-day EMA placed around 24,150,” said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

    Bank Nifty Outlook

    Bank Nifty formed a bearish candle on the daily chart, with a lower high and a lower low. Bajaj Broking Research expects the index to remain within its broader consolidation range unless a decisive breakout or breakdown occurs.

    In the near term, Bank Nifty is expected to trade between 57,000 and 58,000. A close below 57,000 could strengthen selling pressure and take the index towards the 56,500-56,200 support zone.

    “Within the consolidation, the index is facing resistance around 58,000 levels. Sustaining above 58,000 will open the way towards 58,500-58,700 levels. Failure to sustain above 58,000 will signal an extension of range-bound trade in the 57,000-58,000 zone in the coming sessions,” added Pabitro Mukherjee.

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

  • Indian Stocks Open Lower as Rising Oil and Middle East Tensions Weigh on Sentiment

    Indian Stocks Open Lower as Rising Oil and Middle East Tensions Weigh on Sentiment

    Indian equity markets opened lower on Friday, dragged by rising crude oil prices and escalating Middle East tensions that dampened investor sentiment. The Nifty 50 index started the session 97.1 points, or 0.39%, lower at 24,538.90, while the Bank Nifty declined 181.65 points, or 0.31%, to open at 57,882. The Sensex opened 438.68 points below its previous close of 78,954.76.

    Broader market performance was mixed. The Nifty Midcap 100 index edged down 0.4%, while the Nifty Smallcap 100 index gained 0.5%.

    In the currency market, the rupee opened at Rs 95.28 per US dollar on Friday, compared with the previous session’s close of Rs 95.22.

    Foreign institutional investors (FIIs) remained net sellers in Indian equities on August 6, offloading shares worth Rs 28.58 crore. Conversely, domestic institutional investors (DIIs) were net buyers, adding Rs 3,488.43 crore.

    Sensex Outlook

    Technically, the Sensex formed a small candle on the daily chart, and the non-directional intraday activity indicates indecision among traders.

    “For day traders, 79,000 would act as an immediate breakout level. Above this, the market could move up to 79,300-79,500. On the flip side, below 78,600, we could see intraday price corrections down to 78,200-78,000. The intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

    Nifty 50 Outlook

    The Nifty 50 could witness profit booking after the recent rally, but the larger trajectory remains positive as long as key support levels hold.

    “The 24,400-24,500 is the immediate support zone, where buying interest is expected to emerge on declines. On the upside, 24,700-24,800 remains the key resistance range. A decisive move above this zone could signal a continuation of the ongoing uptrend and pave the way for fresh highs. As long as Nifty holds above the 24,400 support zone, the preferred strategy remains buy on dips,” said Gaurav Udani, founder of Thincredblu Securities.

    Bank Nifty Outlook

    The Bank Nifty is expected to remain steady, with the underlying technical structure still favorable as the index continues to trade above its key support zones.

    “The 58,200-58,300 band stands out as the immediate resistance area; a decisive move beyond this level would strengthen buying interest and open the path toward 58,500-58,600. On the downside, the 57,800-57,700 zone serves as the first line of support, with a breakdown below this level exposing the index to a deeper pullback toward 57,400-57,300,” said Ponmudi R, CEO of Enrich Money.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.

  • Indian Stock Market Surges: Sensex Jumps 788 Points, Nifty Opens Above 24,570 on Positive Cues

    Indian Stock Market Surges: Sensex Jumps 788 Points, Nifty Opens Above 24,570 on Positive Cues

    Indian equity markets opened sharply higher on Monday, driven by easing oil prices, sustained foreign institutional investor (FII) buying, a stronger rupee, and positive technical signals. The rally followed news that former President Trump signaled he would call off attacks on Iran after pressure from Middle East allies to pursue a diplomatic deal.

    Market Opening Highlights

    • Sensex: Opened 788.7 points higher at 78,883.34, compared to the previous close of 78,094.64.
    • Nifty 50: Started the session 189.1 points (approximately 0.8%) higher at 24,572.70.
    • Bank Nifty: Opened 304.75 points up.
    • Indian Rupee: Opened 25 paise stronger at Rs. 95.14 per dollar versus the previous close of Rs. 95.39.
    • FII Activity: Foreign institutional investors remained net buyers for the fourth consecutive session on July 31, purchasing Rs. 277.48 crore. Domestic institutional investors (DIIs) added Rs. 2,260.37 crore.

    Sensex Technical Outlook

    The Sensex maintains a positive technical structure, with immediate support in the 77,800–77,600 zone. As long as the index holds above this support band, the broader bullish trend is likely to remain intact.

    “On the upside, the 78,300–78,500 zone acts as immediate resistance. A sustained breakout above this range could pave the way for the next leg of the rally, with the Sensex potentially advancing toward 78,800–79,000 levels,” said Sachin Gupta, VP of Technical Research at Choice Equity Broking.

    Nifty 50 Technical Outlook

    The Nifty 50 traded within a narrow range but maintained a positive bias, ending near the 24,400 mark. The index formed a high-wave candle with a higher high and higher low on the daily chart, signaling that bullish momentum remains intact.

    “Index bias remains positive, and dips should be used as a buying opportunity for an up move toward the short-term resistance area of 24,500–24,600, which is the confluence of the high of July and April 2026. A breakout above that will signal a breakout above the three-month consolidation range and open a fresh leg of the up move toward 24,800 and 25,000 levels in the coming weeks,” said Bajaj Broking Research.

    On the downside, analysts expect immediate support in the 24,100–24,200 zone, with a stronger support base between 24,000 and 23,800.

    Bank Nifty Technical Outlook

    Bank Nifty continued to consolidate near the 57,000 level, printing its third straight high-wave candle, indicating stock-specific movement. If the price manages to push decisively above Wednesday’s high and above 57,500, fresh buying momentum may get activated, potentially pushing the index toward 58,000 and then 58,500—an area that also aligns with the upper band of the past six weeks’ consolidation.

    “On the downside, the 56,500–56,000 zone remains a crucial support area. This region is reinforced by the confluence of the lower band of the six-week trading range, an ascending trendline, and the 52-week EMA, making it a strong demand zone,” added Bajaj Broking.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.

  • Indian Equities Rally: Sensex Climbs 862 Points, Nifty Holds Gains Amid Volatility

    Indian Equities Rally: Sensex Climbs 862 Points, Nifty Holds Gains Amid Volatility

    Market Overview

    Indian equity benchmarks traded in positive territory on July 27, 2026, with the BSE Sensex surging 862 points and the Nifty 50 posting gains despite intraday volatility. Selective buying, particularly in banking stocks, and cautious investor sentiment kept the indices in the green.

    Sensex

    The BSE Sensex closed at approximately 83,467, gaining 862 points or 1.04%. The index traded within a broad range, touching an intraday high near 83,615. From a technical perspective, the Sensex has been attempting to recover from earlier corrections, but resistance at higher levels continues to attract selling pressure. Volume activity remained healthy, indicating active participation from institutional and retail investors.

    Nifty 50

    The Nifty 50 index ended at 23,908.10, up 0.59%. The index experienced wide fluctuations, with a weak opening followed by a strong rebound to a session high before profit-booking trimmed gains. The index continues to form higher lows, a positive pattern, but frequent retracements suggest traders are not chasing prices. Key sectors such as information technology, financials, auto, and energy will determine future movements.

    Bank Nifty

    The Bank Nifty hovered around 56,990.85, gaining 297 points or 0.52%. The banking index has rebounded significantly from its lows but is currently ranging sideways, reflecting indecision among market participants. Private banks have played a notable role in the bounce. Any upside break above recent highs could boost bullish sentiment.

    Market Outlook

    Indian share markets remained firm amid volatility, supported by cautious bullish sentiment. While resistance at higher levels is evident, buyers continue to emerge on dips. Going forward, earnings announcements, foreign institutional investor (FII) flows, and macroeconomic developments will be key catalysts for market direction.

  • Indian Stock Market Ends Lower: Sensex Drops 316 Points, Nifty Closes at 24,172 as IT and Financial Stocks Weigh

    Indian Stock Market Ends Lower: Sensex Drops 316 Points, Nifty Closes at 24,172 as IT and Financial Stocks Weigh

    Indian equity markets ended Tuesday’s session on a subdued note, with benchmark indices witnessing a volatile trading day before recovering most of their intraday losses. Investors remained cautious amid the ongoing June-quarter earnings season, global geopolitical developments, and uncertainty surrounding crude oil prices. While select financial and IT stocks attracted buying interest, weakness in banking and healthcare counters kept the broader market range-bound.

    At 3:00 pm, the Sensex was at 77,392.41, down 316.11 points or 0.41% lower. The Nifty was at 24,172.30, down 65.65 points or 0.27% lower.

    Top Gainers Lead a Mixed Session

    The buying was seen in selected financial and tech stocks, wherein the day’s biggest gainer turned out to be Shriram Finance, which was up more than 2.5 percent. In addition to this, HCLTech and Bajaj Finserv were also seen in the list of top gainers of the day.

    Banking and Healthcare Stocks Weigh on the Market

    On the flip side, the HDFC Bank was the worst performer in terms of affecting the Nifty performance, followed by Dr. Reddy’s Laboratories, Max Healthcare, Cipla, TCS, Infosys, and SBI. The profit-taking in banks and pharmaceuticals companies prevented the index from closing in positive territory.

    Also Read: Stock Market Update: Nifty Opens 0.09% Lower, Sensex Falls 91.25 points Amid Tensions in the Middle East

    What Today’s Market Trend Signals

    The trading activity on Tuesday also highlighted a trend that has become very apparent in the earnings season; the markets are being moved more on an individual stock basis rather than as a result of any sectorial momentum. Instead of following the indices, investors have been buying selective stocks with potential for earnings growth while selling those that look expensive.

    The erratic performance in the stock market is also a function of continued uncertainty surrounding global developments such as the crude oil prices and geopolitical tensions, which continue to pose risk for emerging economies like India. However, the fundamentals domestically will continue to offer support to keep any correction at bay.

    In the coming days, the direction of the market may well depend on earnings and management statements, FII flows, and global macroeconomic signals. Till then, volatility will rule the markets and the action will be largely specific to stocks.

    Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.

  • Indian Stock Market Opens Higher: Nifty Crosses 24,100, Sensex Gains 310 Points Despite Global Weakness

    Indian Stock Market Opens Higher: Nifty Crosses 24,100, Sensex Gains 310 Points Despite Global Weakness

    Despite weak global cues, rising crude oil prices, and a sell-off in semiconductor stocks, the Indian stock markets opened on a positive note on Friday. The Nifty 50 climbed above the 24,100 mark at the open, the Sensex jumped 310 points, and the Bank Nifty rose 0.28% in early trade.

    Market Recap

    On Thursday, the Sensex closed nearly flat at 77,186.87, up by just 1.44 points, while the Nifty 50 ended 5.75 points (0.02%) lower at 24,072.75. The Indian rupee opened marginally higher at ₹96.29 per dollar on Friday, compared to the previous close of ₹96.35.

    Domestic institutional investors (DIIs) remained net buyers on July 16, purchasing shares worth ₹2,986.41 crore. In contrast, foreign institutional investors (FIIs) turned aggressive net sellers, offloading equities worth ₹4,205.56 crore.

    Sensex Outlook

    Technically, the Sensex formed a small candle on the daily chart and showed non-directional activity on the intraday timeframe, indicating indecisiveness among traders.

    Shrikant Chouhan, Head of Equity Research at Kotak Securities, commented: “As long as the market is trading within the 77,000 to 77,500 range, the range-bound texture is likely to continue. On the positive side, above 77,500, the market could move till 77,800–78,000. On the downside, below 77,000, selling pressure is likely to accelerate. Below this level, the market could retest 76,500–76,300.”

    Nifty 50 Outlook

    The Nifty 50 continues to remain in a consolidation phase after ending Thursday’s session with a small bearish candle. Bajaj Broking Research noted: “The index is seen consolidating in a range. We expect the index to extend the recent consolidation and trade in the range of 23,800–24,350.”

    The brokerage highlighted that the immediate support zone lies around 24,000–23,950. As long as the index sustains above this level, analysts expect a recovery towards the upper end of the consolidation range. “We expect the index to hold above the same and witness a pullback towards 24,250–24,350 levels, being the upper band of the recent consolidation range. Short-term support is placed at 23,800 levels, being the confluence of the almost identical low of the last 4 weeks and 50 days EMA. While only a breakout above 24,350 will signal strength and open upside towards 24,600 levels, being the high of April 2026.”

    Bank Nifty Outlook

    Bank Nifty also remained under pressure during Thursday’s session, forming a bearish candle as traders booked profits near higher levels. The banking index continues to remain below the 58,000 mark.

    Bajaj Broking stated: “On the upside, 58,700 remains the immediate hurdle. A decisive close above this level would confirm a breakout from the ongoing consolidation and could trigger the next leg of the rally towards 59,300 and eventually 60,000 levels in the coming weeks.”

    On the downside, analysts believe the 56,500–56,000 zone remains a strong support area as it coincides with both the 20-week and 50-week exponential moving averages (EMAs).

    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.

  • GIFT Nifty Signals Weak Start as Middle East Tensions Push Crude Higher: Sensex, Nifty Outlook

    GIFT Nifty Signals Weak Start as Middle East Tensions Push Crude Higher: Sensex, Nifty Outlook

    The Indian stock market is expected to open lower on Monday as escalating US-Iran tensions and uncertainty over the Strait of Hormuz drive crude oil prices higher, renewing inflation concerns. GIFT Nifty is trading at 24,025, a discount of 198 points from its previous Nifty futures close, indicating a gap-down start.

    Market Recap: Friday’s Gains

    On Friday, the Sensex gained 827.57 points (1.08%) to close at 77,569.39, while the Nifty 50 advanced 244.10 points (1.02%) to finish at 24,206.90. Broader markets outperformed, with the Nifty Midcap 100 rising 1.4% and the Nifty Smallcap 100 advancing 1.5%. Foreign institutional investors (FIIs) bought shares worth Rs 2,603.72 crore, and domestic institutional investors (DIIs) added Rs 2,019.68 crore.

    Sensex Outlook

    Technically, the Sensex closed above 77,500, extending its recovery and maintaining a constructive structure. The market found support near 76,100 and bounced sharply. Short-term texture remains volatile and non-directional.

    Amol Athawale, VP of Technical Research at Kotak Securities, said: “An uptrend may continue. On the higher side, the market could move up to 78,000–78,300. Upside may continue, potentially lifting the market to 78,700. On the flip side, if the market falls below 77,000, it could retest 76,100. Below 76,100, the chances of hitting 75,600–75,500 would increase.”

    Nifty 50 Outlook

    Nifty 50 remains in a broader consolidation phase while maintaining an upward bias. The index formed a high-wave candle on the weekly chart, reflecting volatility but indicating buyers defend lower levels.

    Bajaj Broking Research noted: “Broader market to extend outperformance with Nifty midcap 100 already at an all-time high. We expect Nifty small cap index also to rally to a fresh all-time high. The Index has immediate support at 23,800 levels, being almost identical lows of the last 4 weeks.”

    Near-term range is 23,800–24,350. A sustained move above 24,350 could push the index toward 24,600 and then 24,800. If geopolitical tensions intensify and the index falls below 23,800, selling pressure could drag it to 23,600–23,400.

    Bank Nifty Outlook

    Bank Nifty rose 793.45 points (1.39%) to close at 58,045.90 on Friday. It formed a Dragonfly Doji on the weekly chart, indicating strong buying interest at lower levels. The index is expected to consolidate in the 56,500–58,700 range near term.

    Bajaj Broking added: “A weakness below Wednesday’s low of 56,550 will open downside toward 55,500–55,000. On the higher side, only a move above 58,700 will signal resumption of the up-move toward 59,200 and 60,000 in the coming weeks.”

    Disclaimer: Analytics Insight does not provide financial advice or guidance. This article is for informational purposes only. Readers should conduct their own research before investing.

  • Nifty 50 Holds Above 23,800, Sensex Targets 77,000 as Middle East Tensions Fuel Volatility

    Nifty 50 Holds Above 23,800, Sensex Targets 77,000 as Middle East Tensions Fuel Volatility

    The Indian stock market is expected to open higher on short covering after a sharp sell-off as investors remain cautious about the renewed US-Iran war tensions and rising crude oil prices. GIFT Nifty also indicates a gap-up opening, trading at 23,976 with a premium of 64 points from its previous Nifty futures close.

    On Wednesday, the Sensex plunged 1,677.12 points or 2.15% to settle at 76,503.60, while the Nifty 50 fell 516.65 points or 2.12% to finish at 23,882.05.

    Among broader indices, Nifty Midcap 100 shed 1.5% and the Nifty Smallcap 100 index declined 2.2%.

    The Indian rupee opened flat at Rs. 95.55 per dollar on Thursday versus the previous close of Rs. 95.55.

    Foreign institutional investors (FIIs) remained net buyers in Indian equities on July 8, purchasing shares worth Rs. 1,962.80 crore, while Domestic institutional investors (DIIs) also stayed on the buying side, investing Rs. 790.16 crore.

    Sensex Outlook

    Technically, the Sensex formed a long bearish candle on the daily chart, indicating further weakness from the current levels.

    “We are of the view that the short-term texture of the market has changed to negative from positive, and for day traders, selling on rallies would be the ideal strategy. For day traders, 77,000 and 77,100 would act as immediate resistance levels for the bulls. As long as it is trading below these levels, weak sentiment is likely to continue on the downside. The market could retest the level of the 50-day SMA (Simple Moving Average), around 76,000. Further downward movement may also continue, which could drag the index to 75,800,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

    On the flip side, above 77,100, the sentiment could change. If the index moves above this level, a pullback could continue till 77,400-77,500. The current market texture is volatile; hence, level-based trading would be the ideal strategy for day traders, he added.

    Nifty 50 Outlook

    The Nifty 50 formed a long bearish candle with a lower high, lower low and a bearish gap, indicating that sellers currently have the upper hand.

    Bajaj Broking noted that the index erased its recent gains after slipping below the important support zone around 24,250 and eventually tested the 23,800 mark during intraday trade.

    “Going ahead, a breach below the key support area of 23,800 will open further downside towards the 23,500-23,600 levels in the coming sessions being the confluence of the previous gap area and 61.8% retracement of the entire previous up move 23,070-24,530. While holding above 23,800 will lead to consolidation in the range of 23,800-24,350. Immediate bias remains down below Wednesday’s gap down area of 24,350,” said the brokerage.

    Bank Nifty Outlook

    On Wednesday, Bank Nifty slumped 1,458.10 points or 2.51% to close at 56,742.60, forming a bearish candle on the daily chart and slipping below its 20-day EMA for the first time since June 8.

    “The index has entered a corrective phase after failing to hold key support levels. Index contrary to our expectations closed below the immediate support area of 57,000-56,800 signaling corrective bias. A follow through weakness will open further downside towards 55,500-56,000 levels in the coming sessions,” said Bajaj Broking Research.

    The brokerage further added, “On the higher side only a move above 58,000 will signal resumption of the up-move failure to do so will lead to some consolidation in the range of 55,000-58,000 levels.”

    Disclaimer: This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research before making any investments.