Indian equity indices opened Tuesday’s trading session on a subdued note. The NSE Nifty 50 opened 23 points lower at 24,700. The BSE Sensex opened 100 points lower at 80,900.
Similarly, Bank Nifty opened flat at 55,600. In line with the benchmarks, the small and midcap stocks were trading lower. The Nifty Midcap fell 65 points to 57,370.
“Technically, after a sharp decline on the intraday chart, the market has formed a reversal pattern, and on the daily chart, it has formed a bullish candle, which is largely positive. We believe that in the short term, the market structure is weak but oversold; hence, a sharp technical bounce from the current levels cannot be ruled out,” said Shrikant Chouhan, Head Equity Research at Kotak Securities.
“For day traders, 24,550 and 24,500 will be the key support zones, while for bulls, 24,800-24,950 could be the key resistance zones,” Chouhan added.
With a fresh threat by the US government to substantially raise tariffs on India over the import of Russian oil, domestic markets may continue to witness bouts of intra-day volatility amid nervousness amongst the investors, said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
“Technically, Nifty bulls are likely to be at bay as long as the 25,000 mark is a hurdle, while the bears are likely to be everywhere on any close below the 24,473 mark,” said Tapse.
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 IndusInd Bank, Coal India, Jio Financial Services, State Bank of India, and Maruti Suzuki. On the flip side, the key laggards in the Nifty 50 pack included Mahindra & Mahindra, Infosys, SBI Life Insurance, Hindustan Unilever, and Axis Bank.
Major movers on Tuesday
The stocks that remained under pressure included Reliance Industries, ICICI Bank, HDFC Bank, Infosys, and Mahindra & Mahindra, which were the major movers in the morning trade.