MUMBAI: The Indian equity benchmarks, Sensex and Nifty, ended flat on Tuesday after witnessing a volatile trading session.
At the close, BSE Sensex was at 80,288.38, up 70.01 points or 0.09 per cent, while Nifty at National Stock Exchange (NSE) was up 7.45 points or 0.03 per cent at 24,335.95.
The volatility index, India VIX, rose by 2.53 per cent to 17.37, indicating heightened market volatility.
“Domestic benchmark indices opened on a positive note amid mixed global cues. The Nifty index opened flat, consolidated in a narrow band, and ultimately settled on a flat note at 24,336,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
“Despite increased geopolitical tensions and intensified war potential, the market has displayed remarkable resilience,” said VLA Ambala, Co-Founder of Stock Market Today.
“Nifty can gain support between 24,100 and 23,950, while resistance can be found near 24,550 and 24,630 in the next session,” Ambala said.
On NSE, the stocks of Bharat Electronics, Tech Mahindra, Reliance Industries, Eternal, and Trent traded in green, becoming the major gainers . On the other hand, Sun Pharma, ONGC, Coal India, UltraTech Cement and Dr Reddy’s Labs were the major losers in today’s trade.
According to market experts, technically, the Nifty index formed a shooting star candle on the daily chart, signalling selling pressure at higher levels, with 24,460 acting as a short-term hurdle.
“Sustaining above this level could lead to a rally toward 24,800-24,850. On the downside, key support lies at the 200-Day Simple Moving Average around 24,050, followed by 23,850. Traders should monitor these levels for potential trading opportunities,” Yedve added.
The Bank Nifty index opened on a positive note today and saw initial buying but later faced strong selling pressure and settled on a flat note at 55,391.
In the last seven market sessions, Nifty has traded within a small range of 600 points or 2.54 per cent.
In today’s trading, defence and related sector stocks emerged as top gainers, with the Nifty Defence Index rising by almost 5 per cent intraday, marking a nearly 10 per cent gain over the last two days –a momentum that is expected to sustain. (ANI)
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