Indian equity indices opened Wednesday’s trading session on a higher note. The NSE Nifty 50 rose 37 points or 0.14% to open at 25,973. The BSE Sensex opened 90 points or 0.11% higher at 84,718.
The Bank Nifty opened 79 points or 0.14% higher at 58,116. However, the small and midcap stocks opened the day on a flat note. The Nifty Midcap rose 10 points or 0.02% to open at 59,775.
“We believe that the intraday market structure is volatile and directionless; therefore, level-based trading would be an ideal strategy for day traders. On the upside, 26,000 and 26,050 will be key resistance areas, while 25,800 could act as a crucial support zone for the bulls. A successful breakout above 26,050 could propel the market towards 26,150–26,200,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
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, Titan, Max Healthcare, Larsen & Toubro, and HDFC Life Insurance. On the flip side, the key laggards in the Nifty 50 pack included Mahindra & Mahindra, Tata Motors Passenger Vehicle, Bajaj Motors, Eicher Motors, and IndiGo.
Major movers on Wednesday
The stocks that were the major movers in the opening trade included Reliance Industries, Tata Steel, JSW Steel, Larsen & Toubro, and SBI, which were the major movers in the morning trade.
