Indian equity markets are likely to open on a flat to mildly negative note, tracking subdued cues from GIFT Nifty, which signals a cautious start to the session. Global cues are mixed, with US indices closing higher overnight, while Asian markets remain under pressure, keeping overall sentiment guarded.
From a technical perspective, the Nifty continues to trade below its short-term moving averages. The 25,600 level remains a crucial support, while the 25,700–25,800 zone is a key resistance band. A decisive move outside this range is likely to determine intraday direction, suggesting a volatile and range-bound session.
As of 7:05 am, GIFT Nifty was trading at 25,782, down 3 points, indicating a flat to mildly negative opening for domestic equities.
Indian equity markets ended the previous session, on Tuesday, in the red. The BSE Sensex declined 244.98 points, or 0.29 percent, to close at 83,382.71, while the Nifty 50 fell 66.70 points, or 0.26 percent, to settle at 25,665.60.
The Nifty opened on a weak note at 25,648.60 and briefly moved higher to test an intraday high of 25,791.80. However, selling pressure at higher levels dragged the index lower, pushing it to an intraday low of 25,603.90 before closing marginally higher.
Sectoral performance was mixed. Metal, PSU Bank, and Media stocks outperformed, while IT, Realty, Auto, and FMCG stocks emerged as major laggards.
Momentum indicators continue to reflect a negative bias, with the index trading below its short-term moving averages. The formation of a Doji candle on the daily chart, coupled with a close below the previous session’s level, points to near-term indecision with a weak undertone.
On the downside, 25,600 remains immediate intraday support. A decisive break below this level could extend the ongoing corrective trend. On the upside, the 25,700–25,800 zone remains a strong resistance area, and a sustained move above 25,800 is required to revive positive momentum.
Intraday support (15-min): 25,600 – 25,475 – 25,350
Intraday resistance (15-min): 25,700 – 25,800 – 25,900
Positional support: 25,450 – 25,250
Positional resistance: 25,750 – 26,300
Bank Nifty ended the session marginally higher at 59,580.15, gaining 1.35 points, indicating a neutral bias in banking stocks.
Technically, momentum indicators and short-term moving averages continue to signal a negative undertone. Immediate intraday support is placed at 59,500, while resistance is seen near 59,800. A decisive breakout above resistance could extend the recovery, while failure to sustain above this level may keep the index under mild pressure during the session.
Intraday support (15-min): 59,500 – 59,300 – 59,050
Intraday resistance (15-min): 59,800 – 60,000 – 60,200
Positional support: 58,580 – 57,350
Positional resistance: 60,000 – 61,250
Institutional activity remained mixed. Foreign Institutional Investors (FIIs) were net sellers worth ₹4,781.24 crore, while Domestic Institutional Investors (DIIs) provided strong support with net buying of ₹5,217.28 crore.
US markets
US equity markets closed higher. The Dow Jones Industrial Average gained 292.81 points to close at 49,442.44, while the Nasdaq Composite advanced 58.27 points to end at 23,530.02.
European markets
European markets ended mixed. The FTSE 100 and DAX closed moderately higher, while the CAC 40 finished lower.
Asian markets
Asian markets opened on a weak note. Japan’s Nikkei 225 declined 65 points to trade near 53,925, while Hong Kong’s Hang Seng Index slipped 92.50 points to around 27,058.
Crude oil traded with a negative bias near $63.77 in early trade. Gold was trading lower around $4,607, while silver also edged lower to trade near $91.26.
The US Dollar Index traded with a mild negative bias near 99.34. The Indian rupee was trading around 90.32 against the US dollar in early trade.
(Prepared by: Research Desk, MyEquityLab.com, SEBI Registered Research Analyst, Registration No: INH000023843)
