Nifty opened just above 24,600 and closed nearly flat at 24,631.30 (+0.05%) as the index traded in a narrow range for most of the day. The market showed cautious optimism, supported by IT and select financials (notably Wipro, Infosys, HDFC Life, Asian Paints) but capped by declines in Reliance, ITC, and metal stocks like Tata Steel. Market breadth was nearly even, with 24 stocks advancing and 26 declining, reflecting an indecisive sentiment.
Short-term technical levels: Immediate support is around 24,465–24,450. Key resistance is observed at 24,800, and a decisive move above 24,900–25,000 could trigger more upside. If the index falls below 24,350 or especially below 24,160, further weakness could set in. Technical indicators (e.g., RSI and MACD) are still indecisive, indicating ongoing consolidation with limited momentum. The index remains within a descending channel on higher time frames, and strength above 25,000 is needed for a sustainable rally.
Market sentiment: Investors are showing cautious optimism, owing to recent GST rationalization and expectations of supportive global cues. However, the overall sentiment remains watchful for confirmation of a trend reversal after ending a six-week losing streak.
Expert commentary: Analysts suggest a “buy-on-dips” strategy while the Nifty holds above support levels. Key market drivers will be institutional flows, global sentiment, and continued follow-through buying. Watch for a breakout above 25,100 for further bullish confirmation, while a move below 24,450 could invite more selling.
In summary: The Nifty index is currently in consolidation, supported by key sectors but capped by resistance at 24,800–25,000. Sustaining above these resistance levels may confirm a bullish trend, while a drop below 24,450 raises the risk of further downside. Remain watchful for market cues and consider a cautious, buy-on-dips approach.
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