The benchmark equity index Nifty 50 ended Tuesday’s trading session on a flat note. The NSE Nifty 50 closed 1.10 points or 0.01% higher to settle at 21,930.50 points. While S&P BSE Sensex lost 34.09 points or 0.05% to settle at 72,152.00 points. Nifty Bank gained 127.70 points or 0.28% to settle at 45,818.50 points.
On the sectoral front, PSU banks and reality stocks gained the most. The broader indices ended in the green, with midcap and smallcap stocks inching up.
The gainers include SBI, Grasim Industries, JSW Steel, HDFC Life Insurance, and Axis Bank. The Indian Volatility Index (India VIX) closed 1.84% lower.
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“The Nifty opened on a positive note and consolidated during the day. It closed marginally in the green up ~11 points. On the daily charts we can observe that the Nifty has been trading in a narrow range since the past couple of weeks. On the upside, 22000 – 22050 is acting as a stiff resistance while the key hourly moving averages placed in the range 21800 – 21900 have been absorbing all the selling pressure. The Nifty needs to decisively move beyond this narrow range for the trending moves to begin on either side. Until then, Stock specific action and sector rotation is likely to continue. Key support levels are 21730 – 21680 while immediate hurdle zone is placed at 22000 – 22053,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
“Bank Nifty closed in the green after falling for three consecutive days. We expect the retracement to continue till 46300 – 46500 over the next few trading sessions. Crucial support is placed at 45500 – 45400,” said Gedia.
“We maintain our positive stance amid consolidation and suggest continuing with a “buy on dips” approach until Nifty holds 21,600. However, participation from the banking and financial majors would be critical for trend resumption. Apart from the domestic factors, we suggest keeping a close eye on global markets for cues,” Ajit Mishra, Senior Vice President of Technical Research at Religare Broking.