Indian stock markets are expected to see a cautious and range-bound session today, as mixed global cues and weak momentum at home keep investors on guard. While early signals suggest a slightly positive start, buying interest is likely to remain selective, with traders focusing on key support and resistance levels. Volatility may stay elevated through the day, especially in the absence of strong triggers, as markets attempt to stabilise after the recent sharp fall.
Indian equities ended the last trading session sharply lower. The BSE Sensex fell 780 points, or nearly 1 percent, to close at 84,180. The Nifty 50 dropped 264 points, or just over 1 percent, to settle at 25,876.
The Nifty started the day weak and briefly tried to recover in early trade. However, selling pressure soon returned, pushing the index lower through the session before it closed near the day’s lows.
All major sector indices ended in the red. Metal stocks, PSU banks, IT companies and real estate stocks were among the worst performers.
From a short-term view, the Nifty is still under pressure and trading below important levels. This suggests that the ongoing correction may continue for some time.
The index has immediate support near 25,750. If it falls below this level, further weakness cannot be ruled out. On the upside, the 25,950–26,000 zone will act as a strong hurdle. The Nifty needs to move above this range for a meaningful recovery.
The Bank Nifty also closed lower, falling 304 points to end at 59,686. Banking stocks showed some weakness, though the decline was less sharp than the broader market.
In the near term, support is seen around 59,550. If this level holds, a short bounce is possible. However, if the index fails to cross resistance near 59,800, pressure on banking stocks may continue.
Foreign institutional investors continued to sell, offloading shares worth ₹3,367 crore. Domestic institutional investors, however, stepped in with purchases worth ₹3,701 crore, helping limit the market’s fall.
As of 7:10 am, GIFT Nifty was trading at 26,004, up 34 points, pointing to a mildly positive start for Indian markets.
US stock markets ended mixed overnight. The Dow Jones rose 270 points, while the Nasdaq slipped by 104 points.
European markets also closed mixed, with modest gains in France and Germany, while the UK market ended lower.
Asian markets were trading without a clear direction. Japan’s Nikkei was slightly higher, while Hong Kong’s Hang Seng was trading marginally lower.
Crude oil prices were under pressure, trading near $62.41 per barrel. Gold prices were firm around $4,482, while silver was slightly higher at around $76.94.
The dollar index was marginally stronger near 98.99. The Indian rupee was trading at around 89.84 against the dollar in early trade.
Prepared by: Research Desk, MyEquityLab.com (SEBI Registered Research Analyst No: INH000023843)
