Indian equity indices opened Wednesday’s trading session on a muted note with a positive bias. The NSE Nifty 50 opened 16 points or 0.06% higher at 25,855. The BSE Sensex opened 24 points or 0.03% higher at 84,690.
The Bank Nifty opened 106 points or 0.18% higher at 59,329. Similarly, the small and mid-cap stocks opened in the green. The Nifty Midcap opened 158 points or 0.26% higher at 59,834.
“Nifty index witnessed a price breakdown from a Head & Shoulder formation on the hourly chart, indicating short-term weakness in prices, with supports around 25,600-25,500 levels. On the flip side, sustenance above 26,025 levels will start a short-term congestion phase in the 26,200-25,700 zone. Options data is still showing negative sentiments and suggesting adopting a sell on rise trading approach as long as Nifty is trading below 26,080 levels,” said Vipin Kumar, Assistant Vice President of Technical 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 Grasim Industries, M&M, Hindalco Industries, Trent, and Tata Steel. On the flip side, the key laggards in the Nifty 50 pack included JSW Steel, Bharti Airtel, Eternal (Zomato), Titan, and Bajaj Finance.
Major movers on Wednesday
The stocks that were the major movers in the opening trade included Reliance Industries, M&M, ITC, Infosys, and Koak Mahindra Bank, which were the major movers in the morning trade.