/images/ppid_59c68470-image-177799506860268134.webp)
/images/ppid_a911dc6a-image-177799293113070924.webp)
/images/ppid_59c68470-image-177799270947840795.webp)
/images/ppid_59c68470-image-177799261157884871.webp)
What is the story about?
The choppy trend persisted on Tuesday, with the Nifty recovering from intraday lows but still ending 86 points lower at 24,033.
After opening weak, the index extended losses in early trade before staging a gradual recovery from near the 23,900 mark in the middle of the session. Despite the rebound, the Nifty closed in the red, although it managed to hold above the key 24,000 level even as frontline stocks remained under pressure.
Broader markets showed relative resilience, with the Midcap and Smallcap indices ending with marginal gains.
On the sectoral front, auto, FMCG, power and telecom indices edged up around 0.5% each. In contrast, realty stocks declined about 1%, while the private banking index slipped 0.5%.
Markets remained under pressure amid escalating tensions in West Asia after Iran intensified attacks targeting critical energy infrastructure in the UAE, raising concerns over supply disruptions.
Brent crude surged to an intraday high of $115 per barrel, stoking inflation worries for oil-importing economies like India.
Sentiment was further dented by the Indian rupee hitting a fresh record low near 95.40 against the US dollar, heightening concerns around FII outflows.
On the earnings front, Mahindra & Mahindra Ltd. reported a strong set of results, while Marico Ltd. delivered an in-line performance with a double-digit growth outlook for FY27.
Global cues, however, remained supportive, with US Dow futures and European markets trading higher. Investors are now tracking the US April 2026 Composite PMI for further direction.
According to Nagaraj Shetti, the current price action suggests a broader sideways range between 24,300 and 23,800.
Following Tuesday’s recovery from lows, the Nifty could attempt a bounce towards 24,300 in the near term, with a breakout on either side likely to determine the next directional move.
Nilesh Jain said that the index found support near its 21-day moving average around 23,950 and managed to close above 24,000, but faced resistance near the 50-day moving average at 24,080.
Jain said that a decisive move above 24,100 could open the door for further upside towards 24,300, while immediate support is seen at 23,900.
Rupak De said the Nifty has remained below its 50 EMA for eight straight sessions, keeping the broader trend weak. However, short-term charts suggests the possibility of a recovery, with potential upside towards 24,285-24,350.
On the downside, support is placed at 23,880, below which weakness may intensify.
The Bank Nifty continued to lag, ending 0.6% lower and trading below key moving averages, indicating a persistent bearish undertone.
Sudeep Shah said the 54,100-54,000 zone will act as a crucial support for Bank Nifty. A break below 54,000 could trigger further downside towards 53,400. On the upside, the 55,000-55,100 range remains an immediate hurdle, with a breakout potentially leading to a pullback towards 55,600.
After opening weak, the index extended losses in early trade before staging a gradual recovery from near the 23,900 mark in the middle of the session. Despite the rebound, the Nifty closed in the red, although it managed to hold above the key 24,000 level even as frontline stocks remained under pressure.
Broader markets showed relative resilience, with the Midcap and Smallcap indices ending with marginal gains.
On the sectoral front, auto, FMCG, power and telecom indices edged up around 0.5% each. In contrast, realty stocks declined about 1%, while the private banking index slipped 0.5%.
Markets remained under pressure amid escalating tensions in West Asia after Iran intensified attacks targeting critical energy infrastructure in the UAE, raising concerns over supply disruptions.
Brent crude surged to an intraday high of $115 per barrel, stoking inflation worries for oil-importing economies like India.
Sentiment was further dented by the Indian rupee hitting a fresh record low near 95.40 against the US dollar, heightening concerns around FII outflows.
On the earnings front, Mahindra & Mahindra Ltd. reported a strong set of results, while Marico Ltd. delivered an in-line performance with a double-digit growth outlook for FY27.
Global cues, however, remained supportive, with US Dow futures and European markets trading higher. Investors are now tracking the US April 2026 Composite PMI for further direction.
According to Nagaraj Shetti, the current price action suggests a broader sideways range between 24,300 and 23,800.
Following Tuesday’s recovery from lows, the Nifty could attempt a bounce towards 24,300 in the near term, with a breakout on either side likely to determine the next directional move.
Nilesh Jain said that the index found support near its 21-day moving average around 23,950 and managed to close above 24,000, but faced resistance near the 50-day moving average at 24,080.
Jain said that a decisive move above 24,100 could open the door for further upside towards 24,300, while immediate support is seen at 23,900.
Rupak De said the Nifty has remained below its 50 EMA for eight straight sessions, keeping the broader trend weak. However, short-term charts suggests the possibility of a recovery, with potential upside towards 24,285-24,350.
On the downside, support is placed at 23,880, below which weakness may intensify.
The Bank Nifty continued to lag, ending 0.6% lower and trading below key moving averages, indicating a persistent bearish undertone.
Sudeep Shah said the 54,100-54,000 zone will act as a crucial support for Bank Nifty. A break below 54,000 could trigger further downside towards 53,400. On the upside, the 55,000-55,100 range remains an immediate hurdle, with a breakout potentially leading to a pullback towards 55,600.
/images/ppid_a911dc6a-image-177799307064352039.webp)
/images/ppid_a911dc6a-image-177799318982117850.webp)
/images/ppid_a911dc6a-image-17779930303053532.webp)