Indian stock markets are expected to remain cautious through the day as weak global cues and mixed international market trends keep investor sentiment subdued. Overall, the market mood is likely to stay guarded, with participants closely tracking global developments for fresh direction.
The markets are likely to open on a cautious note today, tracking weak global cues and a soft trend in GIFT Nifty. Early signals suggest a negative start, as investor sentiment remains subdued amid mixed global market movements.
From a technical point of view, the Nifty is still trading above its short-term moving averages, which is a positive sign. However, recent price movements show selling pressure at higher levels. This suggests the market may move sideways in the near term, with a slight downside bias unless the key support level of 26,120 holds.
Global markets were mixed overnight. US indices ended on a divergent note, while Asian markets are trading lower this morning. This may keep investors cautious through the day. Overall, markets are expected to remain range-bound, with stock-specific action.
Indian equity benchmarks ended the previous session slightly lower. The BSE Sensex fell 102 points, or 0.12 percent, to close at 84,961. The Nifty 50 slipped nearly 38 points, or 0.14 percent, to end at 26,140.
The Nifty opened weak and moved up briefly during early trade. However, selling pressure at higher levels pushed the index down to an intraday low of 26,068 before it recovered slightly towards the close.
Sectoral performance was mixed. IT, pharma, media and private bank stocks closed higher, while auto, realty and financial services stocks were among the worst performers.
Momentum indicators remain positive, but the formation of a small bearish candle points to continued short-term correction.
Immediate support is placed at 26,120. A clear fall below this level may lead to further weakness. On the upside, 26,200 remains a key resistance. A move above this could trigger a short-term rebound.
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
Bank Nifty ended marginally lower at 59,991, down 128 points. Banking stocks continue to show mild weakness.
Technically, the index remains above short-term averages, but a bearish candle suggests near-term consolidation. Immediate support is seen at 59,760, while resistance is placed near 60,050.
Intraday support: 59,760 – 59,550 – 59,280
Intraday resistance: 60,050 – 60,300 – 60,500
Positional support: 58,580 – 57,350
Positional resistance: 60,000 – 61,250
Foreign institutional investors were net sellers worth ₹1,527.71 crore. Domestic institutional investors provided strong support with net buying of ₹2,889.32 crore.
As of 7:10 am IST, GIFT Nifty was trading at 26,177, down nearly 50 points, pointing to a negative opening for domestic markets.
US markets closed mixed. The Dow Jones fell 466 points, while the Nasdaq gained 37 points.
European markets also ended mixed, with weakness in the UK and France and mild gains in Germany.
Asian markets opened lower, with Japan’s Nikkei and Hong Kong’s Hang Seng trading in the red.
Crude oil was trading higher near $60.44. Gold slipped to around $4,456, while silver edged up to $78.53.
The dollar index traded slightly higher near 98.75. The Indian rupee was trading around 89.90 against the dollar.
(Prepared by: Research Desk, MyEquityLab.com
SEBI Registration No. INH000023843)
