Indian equity markets are likely to open on a positive note on Tuesday, supported by firm signals from GIFT Nifty, which is pointing to a strong start. The Nifty continues to trade above its short-term moving averages, indicating that the overall trend remains positive. However, some consolidation at higher levels cannot be ruled out.
Global cues are largely supportive, with US and Asian markets trading higher. This may help market sentiment, though selective buying and intraday volatility are expected.
Indian equity benchmarks ended the previous session lower.
The BSE Sensex fell 322.39 points, or 0.38 percent, to close at 85,439.62
The Nifty 50 slipped 78.25 points, or 0.30 percent, to settle at 26,250.30
The Nifty opened weak at 26,333.70 and moved up to an intraday high of 26,373.20 in early trade. However, selling pressure at higher levels dragged the index lower. It touched an intraday low of 26,210.05 before closing near the lower end of the day’s range.
Sectoral performance was mixed. Realty, FMCG, media and metal stocks closed higher, while IT, pharma and banking stocks were the major laggards.
Momentum indicators continue to signal a positive trend, with the index holding above its short-term moving averages. However, the formation of a small bearish candle after the previous session’s strong rally suggests that the market may enter a phase of short-term consolidation.
Immediate support is seen at 26,200
As long as the index stays above this level, the broader bullish trend is likely to remain intact
Immediate resistance is placed at 26,285
A decisive move above resistance could push the Nifty towards the 26,350–26,425 zone. Failure to cross this level may lead to continued profit booking.
Key levels
Intraday support (15-minute): 26,200 – 26,120 – 26,050
Intraday resistance (15-minute): 26,285 – 26,350 – 26,425
Positional support: 25,750 – 25,250
Positional resistance: 26,350 – 27,000
The Bank Nifty tested record highs during the session but closed marginally lower at 60,044.20, down 106.75 points, or 0.18 percent. This points to a mildly negative bias in banking stocks.
Momentum indicators remain positive and the index is trading above its short-term moving averages. However, the formation of a bearish candle and a close below the previous session’s level indicate near-term consolidation.
Immediate support is placed at 59,875
Resistance is seen near 60,200
A clear break above or below these levels will provide direction for the next move.
Key levels
Intraday support (15-minute): 59,875 – 59,600 – 59,375
Intraday resistance (15-minute): 60,200 – 60,400 – 60,600
Positional support: 58,580 – 58,000
Positional resistance: 61,250
Institutional flows were mixed during the session.
FIIs were marginal net sellers worth ₹36.25 crore
DIIs supported the market with net buying of ₹1,764.07 crore
As of 7:20 am, GIFT Nifty was trading at 26,401.50, up 81.50 points, indicating a positive opening for domestic markets.
US markets
US equity markets closed higher. The Dow Jones surged 594.79 points to 48,977.18, while the Nasdaq Composite gained 160.19 points to close at 23,395.82.
European markets
European markets ended on a positive note, with major indices closing moderately higher.
Asian markets
Asian markets opened firm. Japan’s Nikkei 225 was trading near 52,285, while Hong Kong’s Hang Seng Index was around 26,747.
Crude oil traded lower near $61.55
Gold was higher around $4,467.90
Silver edged up near $77.05
The dollar index traded near 98.32
The rupee was around 90.13 against the dollar in early trade
Prepared by: Research Desk, MyEquityLab.com
(SEBI Registration No: INH000023843)
