MUMBAI: The Indian stock markets on Wednesday opened flat, reflecting mixed global cues and cautious investor sentiment. At the opening of the trade today, the Nifty 50 at the National Stock Exchange (NSE) was down 54.65 points or 0.22 cent, at 24,281.30, while the BSE Sensex was down 163.47 points or 0.20 per cent, at 80,124.91.
In the opening hour of the trade, about 828 shares were seen advancing, about 1224 shares declined, and 137 stocks remained unchanged. On NSE, the stocks of Dr Reddy’s Labs, L&T, Cipla, Tata Consumer, and TCS were among the major gainers on the Nifty. On the other hand, Bajaj Finserv, Bajaj Finance, Trent, Tata Motors and SBI were the major losers in the initial trading.
In the previous session, the markets ended flat following a volatile session. It opened with a gap of 42 points and experienced an intraday rally of 82 points. However, the momentum did not last long, and Nifty ended the session flat with a mere 7.45-point gain.
Experts say that technically, the Sensex is encountering stiff resistance around 80,500, forming a small bearish candle near this level, indicating indecision among market participants. “Options data reflects growing caution. Call writers now dominate, with significant open interest at the 24,500 strike (1.65 crore contracts), establishing a strong resistance,” said Varun Aggarwal, MD, Profit Idea.
“Nifty remains bullish across daily, weekly, and intraday timeframes. It has witnessed a breakout of a falling trendline, which converged with a double bottom breakout — indicating a potential major trend reversal”, said the Way2Wealth research team in its outlook note.
The note added that on the technical front, Bank Nifty formed a bearish hammer pattern in yesterday’s trading session and is facing stiff resistance at higher levels. “The candlestick pattern indicates that some bearishness may continue in today’s session”, the note added. (ANI)
About the Author
