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What is the story about?
The weekly expiry session turned out to be a difficult one for market participants, with benchmark indices witnessing broad-based selling amid weak global cues.
The Nifty 50 opened on a subdued note and came under further pressure as a sharp sell-off across Asian markets weighed on investor sentiment. Sustained selling through the session dragged the benchmark lower, with the Nifty ending near the 23,800 mark, down over 1.15%.
The decline was largely driven by global concerns, including weakness across major Asian equities and a strengthening US Dollar Index. Sectorally, metal stocks remained under pressure, while continued weakness in IT counters added to the downside momentum.
As a result, selling was widespread across sectors, leading to a sharp correction in the benchmark indices. Among Nifty constituents, Cipla and Power Grid were the top gainers, while Infosys and Wipro emerged as the biggest laggards.
Most sectoral indices ended in negative territory, with Nifty Metal, IT and PSU Bank among the worst performers. Nifty Pharma and Healthcare were the only sectors to close in the green.
Broader markets also witnessed profit booking, although the Nifty Smallcap 100 index outperformed the benchmark by falling a relatively modest 0.48%.
Looking ahead, Indian equities are likely to remain range-bound with a slight negative bias amid weak global cues, continued foreign institutional investor outflows and lingering uncertainty over the proposed US-Iran ceasefire.
Nagaraj Shetti of HDFC Securities said the underlying short-term trend has weakened, although the broader near-term uptrend remains intact.
He expects the Nifty to find support around the 23,600 level and stage a rebound in the short term, while immediate resistance is placed near 24,000.
Osho Krishan of Angel One said the 20-day exponential moving average (DEMA) near 23,750, followed by the bullish gap area around 23,640, is likely to act as a key support zone and cushion declines in the intermediate term. On the upside, 24,000 remains an immediate hurdle, while the 24,100-24,150 zone is the next major resistance. A sustained move above this range could trigger a fresh leg of the rally.
LKP Securities' Rupak De said that the Nifty slipped after several sessions of consolidation and has now broken below the previous swing low on the hourly chart. The index has also fallen below its 50-hour EMA, indicating weakening short-term momentum.
However, De pointed out that the Nifty found support at a rising trendline connecting multiple highs and lows on the hourly chart, raising the possibility of a near-term recovery.
He sees resistance in the 23,950-24,000 zone, while 23,700 remains a crucial support level. A breach below this mark could invite sharper selling pressure.
Sudeep Shah of SBI Securities expects the 23,650-23,630 zone to act as an important support area.
According to him, a decisive break below 23,630 could extend the corrective phase towards 23,500. On the upside, the 23,930-23,950 zone is likely to act as an immediate hurdle for any recovery attempt.
The Nifty 50 opened on a subdued note and came under further pressure as a sharp sell-off across Asian markets weighed on investor sentiment. Sustained selling through the session dragged the benchmark lower, with the Nifty ending near the 23,800 mark, down over 1.15%.
The decline was largely driven by global concerns, including weakness across major Asian equities and a strengthening US Dollar Index. Sectorally, metal stocks remained under pressure, while continued weakness in IT counters added to the downside momentum.
As a result, selling was widespread across sectors, leading to a sharp correction in the benchmark indices. Among Nifty constituents, Cipla and Power Grid were the top gainers, while Infosys and Wipro emerged as the biggest laggards.
Most sectoral indices ended in negative territory, with Nifty Metal, IT and PSU Bank among the worst performers. Nifty Pharma and Healthcare were the only sectors to close in the green.
Broader markets also witnessed profit booking, although the Nifty Smallcap 100 index outperformed the benchmark by falling a relatively modest 0.48%.
Looking ahead, Indian equities are likely to remain range-bound with a slight negative bias amid weak global cues, continued foreign institutional investor outflows and lingering uncertainty over the proposed US-Iran ceasefire.
Nagaraj Shetti of HDFC Securities said the underlying short-term trend has weakened, although the broader near-term uptrend remains intact.
He expects the Nifty to find support around the 23,600 level and stage a rebound in the short term, while immediate resistance is placed near 24,000.
Osho Krishan of Angel One said the 20-day exponential moving average (DEMA) near 23,750, followed by the bullish gap area around 23,640, is likely to act as a key support zone and cushion declines in the intermediate term. On the upside, 24,000 remains an immediate hurdle, while the 24,100-24,150 zone is the next major resistance. A sustained move above this range could trigger a fresh leg of the rally.
LKP Securities' Rupak De said that the Nifty slipped after several sessions of consolidation and has now broken below the previous swing low on the hourly chart. The index has also fallen below its 50-hour EMA, indicating weakening short-term momentum.
However, De pointed out that the Nifty found support at a rising trendline connecting multiple highs and lows on the hourly chart, raising the possibility of a near-term recovery.
He sees resistance in the 23,950-24,000 zone, while 23,700 remains a crucial support level. A breach below this mark could invite sharper selling pressure.
Sudeep Shah of SBI Securities expects the 23,650-23,630 zone to act as an important support area.
According to him, a decisive break below 23,630 could extend the corrective phase towards 23,500. On the upside, the 23,930-23,950 zone is likely to act as an immediate hurdle for any recovery attempt.
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