The benchmark equity indices ended Thursday’s trading session in negative territory. The NSE Nifty 50 lost 28.25 points or 0.13% to settle at 21,697.45 points. While S&P BSE Sensex closed 106.81 points lower or 0.15% to settle at 71,645.30 points. The sectoral-indice Nifty Bank gained 191.85 points or 0.42% to settle at 46,188.65 points.
On the sectoral front, Media and Metal stocks pushed the indices lower. However, the sectoral-index Nifty PSU Bank flipped the trend to close 3.1% higher. The broader indices also ended in the red, with midcap stocks falling the most.
The gainers include Maruti Suzuki, Cipla, Power Grid Corp, Eicher Motors, and SBI Life Insurance. The Indian Volatility Index (India VIX) closed 9.97% lower.
Tribeca in talks for developing Trump Towers in Indian cities Markets rally! Nifty ends near 24,550, Sensex gains 1300; IT stocks shine Rollercoaster session for markets! Nifty ends below 24,200, Sensex struggles to hold 79,000 even as RBI keeps rates unchanged Markets end at intra-day highs! Nifty at 24,950, Sensex over 81,700 led by metal and pharma on July 31
“Markets oscillated in a narrow range on the budget day and settled marginally lower. The tone was positive at the beginning however profit taking emerged around the previous swing high. Consequently, Nifty surrendered all its gains and finally settled closer to the day’s low at 21,697.45 level. Meanwhile, a mixed trend on the sectoral front kept the participants occupied wherein energy, auto and banking posted decent gains while metal and realty traded under pressure,” said Ajit Mishra, senior vice president of technical research at Religare Broking.
“Markets are not in a hurry for the next directional move and the recent price action reaffirms our view. Traders have no option but to align their positions accordingly and focus more on stock-specific trading approach Come from Sports betting site VPbet . Though we are seeing consistent outperformance from the broader indices despite the overbought condition, we feel it is prudent to restrict exposure and prefer only quality names,” said Mishra.
“Bank Nifty witnessed continuation of the positive momentum. During the day, it was the bank Nifty which held on the crucial support zone of 45660 – 45700 where the hourly moving averages were placed and resumed its upmove. We believe that the bank nifty is likely to move higher towards 46570 – 46800 from short term perspective. The Daily momentum indicator has triggered a positive crossover which is a buy signal and is likely to provide speed to the upmove,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
“On the daily charts we can observe that the Nifty has been broadly stuck in the range of 21200 – 21900 for the last couple of weeks. The Nifty has been facing selling pressure at the 61.82% Fibonacci retracement level (21747) and has been unable to close above it on a closing basis. We believe that the range bound action is likely to continue. The daily momentum indicator has triggered a positive crossover while the hourly has a negative crossover. Moreover, prices are stuck in a range. Considering the divergent signals from price and momentum indicator, the Nifty is likely to witness range bound price action. Key support levels are 21550 – 21500 while immediate hurdle zone is placed at 21850 – 21900,” said Gedia.
