Indian equity indices opened Monday’s trading session on a muted note with a negative bias. The NSE Nifty 50 opened flat at 25,723. The BSE Sensex opened 73 points or 0.09% lower at 83,865.
The Bank Nifty opened flat at 57,770. However, the small and midcap stocks opened the day with a positive bias. The Nifty Midcap rose 82 points or 0.14% to open at 59,908.
“We believe that the 25,700–25,650 zone will act as a crucial support level for traders, while 26,000 and 26,100 could serve as key resistance areas for the bulls. A successful breakout above 26,100 could push the market toward 26,250–26,350,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
“Nifty index has reached the lower price band of the past 9 days congestion zone (25,700-26,100 spot levels). Going ahead, cross and sustenance below 25,700 levels might take it towards 25,400 levels in the near term. Overall chart structure is positive till it is trading above 25,350 levels closing basis,” said Vipin Kumar, Assistant Vice President of Technical and Derivatives Research at Globe Capital.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Shriram Finance, Mahindra & Mahindra, IndiGo, State Bank of India, and Tata Motors Passenger Vehicles. On the flip side, the key laggards in the Nifty 50 pack included Maruti Suzuki, Bharat Electronics, Titan, Adani Ports and SEZ, and ITC.
Major movers on Monday
The stocks that were the major movers in the opening trade included Mahindra & Mahindra, Shriram Finance, SBI, IndiGo, and ONGC, which were the major movers in the morning trade.
