Indian equity markets are expected to begin the day on a cautious note, tracking weak cues from the GIFT Nifty. Early indicators suggest a muted start, with investors staying careful after recent profit booking at higher levels.
From a technical perspective, the Nifty remains in a short-term corrective phase. The 25,900 level is crucial for the index in the near term. Holding above this support could lead to intraday consolidation or a mild rebound. However, a clear break below this level may trigger fresh selling pressure.
Benchmark indices closed lower in the previous session as investors booked profits.
The BSE Sensex fell 345.91 points, or 0.41 percent, to end at 84,695.54. The Nifty 50 declined 100.20 points, or 0.38 percent, to close at 25,942.10.
The Nifty opened higher at 26,063.35 and moved up to an intraday high of 26,106.80 in early trade. Selling pressure emerged at higher levels, pulling the index down to a low of 25,920.30. The market eventually closed near the day’s lows.
Sector-wise, Media, FMCG and PSU banks managed to close in the green. Most other sectors ended lower, with IT, Realty and Auto stocks facing notable selling pressure.
Momentum indicators and short-term moving averages continue to signal weakness.
Immediate intraday support is placed at 25,900. A decisive break below this level could deepen the decline.
On the upside, 25,980 remains the nearest resistance. A pullback will require a sustained move above this level.
Market leadership remains selective rather than broad-based.
FMCG, Metal and Realty indices show a relatively constructive structure on daily charts and may offer selective opportunities.
Banking, Financial Services, Pharma and IT sectors remain in a corrective phase, calling for a cautious and stock-specific approach.
Intraday support (15-min): 25,900 – 25,825 – 25,750
Intraday resistance (15-min): 25,980 – 26,060 – 26,130
Positional support: 25,750 – 25,250
Positional resistance: 26,350 – 27,000
The Bank Nifty closed lower at 58,932.35, down 89 points, or 0.13 percent, reflecting ongoing weakness in banking stocks.
Technically, momentum indicators remain negative. Immediate support is seen at 58,800, while resistance lies at 59,000. A break below 58,800 could extend the decline. A pullback rally will need a decisive move above 59,000. Strong positional support at 58,580 may limit deeper losses.
Intraday support (15-min): 58,800 – 58,650 – 58,500
Intraday resistance (15-min): 59,000 – 59,150 – 59,300
Positional support: 58,580 – 57,200
Positional resistance: 60,000 – 61,250
Institutional activity remained mixed. Foreign institutional investors were net sellers worth ₹2,759.89 crore, while domestic institutional investors provided support with net buying of ₹2,643.85 crore. Continued domestic inflows are helping cushion downside risks.
As of 7:15 am, the GIFT Nifty was trading at 25,930, down 36 points, pointing to a slightly negative opening for Indian markets.
US markets: Wall Street closed moderately lower. The Dow Jones fell 249.04 points to 48,461.93, while the Nasdaq Composite declined 118.75 points to 23,474.35.
Europe: European markets ended mixed. The FTSE 100 closed marginally lower, while the DAX and CAC 40 finished slightly higher.
Asia: Asian markets opened positive. Japan’s Nikkei gained 62.50 points to trade near 50,420, while Hong Kong’s Hang Seng rose 99.50 points to around 25,724.50.
Crude oil traded with a positive bias near $61.32 in early trade. Gold edged higher near ₹4,370, while silver was trading around ₹73.
The dollar index weakened slightly, trading near 98.00. The rupee showed marginal strength against the dollar, trading around ₹89.76 in early trade.
