Indian equity markets are expected to open on a cautious to mildly weak note today, following soft signals from GIFT Nifty, which points to a negative start.
From a technical view, the Nifty is still trading above its short-term averages, which keeps the broader trend intact. However, recent bearish price patterns suggest that the market may enter a consolidation phase in the near term, with some downside pressure if the index slips below the 26,120 level. Overall, the opening is likely to be careful, with selective selling seen at higher levels.
Indian stock markets closed lower in the previous session amid selling pressure at higher levels. The BSE Sensex fell 376.28 points, or 0.44 percent, to end at 85,063.34. The Nifty 50 slipped 71.60 points, or 0.27 percent, to close at 26,178.70.
On Tuesday, the Nifty opened weak at 26,189.70 but briefly moved higher in early trade, touching an intraday high of 26,273.90. Selling pressure soon emerged, pulling the index down to a low of 26,124.80 before it recovered slightly to close near the day’s low.
Sector-wise performance was mixed. Pharma, PSU banks, IT and financial services stocks posted gains, while media and realty stocks were the biggest laggards.
Momentum indicators remain positive, and the index continues to trade above short-term moving averages. However, the formation of consecutive bearish candles points to a short-term downward bias.
Immediate support is placed at 26,120. A clear break below this level could deepen the correction. On the upside, 26,200 remains a key resistance. A move above this zone could trigger a short pullback rally, while failure to cross it may lead to further profit booking.
Intraday support:
26,120 – 26,050 – 25,970
Intraday resistance:
26,200 – 26,280 – 26,360
Positional support:
25,750 – 25,250
Positional resistance:
26,350 – 27,000
The Bank Nifty ended marginally higher at 60,118.40, gaining 74.20 points, or 0.12 percent, indicating a mildly positive trend in banking stocks.
Technically, the index remains above its short-term averages, and momentum indicators continue to support the uptrend. A bullish candle formation and a close above the previous session’s level suggest strength. Immediate support is seen at 60,000, while resistance lies near 60,300. A decisive break above this level could open the door for further gains.
Intraday support:
60,000 – 59,760 – 59,550
Intraday resistance:
60,300 – 60,500 – 60,725
Positional support:
60,000 – 58,580
Positional resistance:
61,250
Institutional flows were mixed. Foreign institutional investors were marginal net sellers, offloading shares worth ₹107.63 crore. Domestic institutional investors, however, provided strong support, buying shares worth ₹1,749.35 crore.
As of 7:10 am, GIFT Nifty was trading at 26,211, down 68.50 points, signalling a weak opening for domestic markets.
US markets closed higher in the previous session. The Dow Jones jumped 484.90 points to 49,462.08, while the Nasdaq Composite gained 151.35 points to close at 23,547.17.
European markets also ended in the green, with the DAX, FTSE 100 and CAC 40 posting moderate gains.
Asian markets opened mixed. Japan’s Nikkei 225 rose 317.50 points to trade near 52,400, while Hong Kong’s Hang Seng Index slipped 72 points to around 26,612.
Crude oil traded lower near $60.35 in early deals. Gold slipped to around $4,480, while silver edged down to about $80.32.
The dollar index was slightly weaker at 98.54. The Indian rupee was trading around 90.11 against the dollar in early trade.
