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The Indian stock market, which opened on a positive note, has reversed direction by early afternoon, with both the Sensex and Nifty trading in the red. As of 1 pm, the Sensex is down 46.51 points, or 0.06 per cent, at 82,513.33, while the Nifty is down 9.05 points, or 0.04 per cent, at 25,269.65.
Shrey Jain, founder and CEO of SAS Online, said, “The Nifty is expected to consolidate around current levels, with potential for limited upside due to aggressive call writing across multiple strike prices.” He added that “the 25,200 level is anticipated to provide key support”, suggesting that while there is potential for recovery, the market may face resistance moving forward.
In the sectoral space, Bank Nifty remained stable, closing around the 51,500 mark for the second consecutive session. Jain noted, “The 51,500 call strike has considerable open interest, suggesting it will serve as a near-term resistance level. A breakout above this resistance could trigger short covering.” He also emphasised the importance of monitoring global market trends, which have a substantial impact on India’s market sentiment.
Among the top gainers on the NSE at noon, Hero Motocorp led with a gain of 1.40 per cent, followed by Nestle India (1.19 per cent), Wipro (1.14 per cent), Hindustan Unilever (1.01 per cent), and Sun Pharma (0.97 per cent). On the other hand, Bajaj Finance was the top loser, down 1.99 per cent, with Adani Ports (-0.71 per cent), JSW Steel (-0.70 per cent), Britannia (-0.69 per cent), and Bajaj Finserv (-0.68 per cent) also registering losses.
The broader market saw a mixed performance, with 3,966 stocks traded on the BSE. Of these, 2,054 stocks advanced, 1,807 declined, and 105 remained unchanged. The number of stocks hitting a 52-week high stood at 245, while 24 stocks hit a 52-week low. Additionally, 264 stocks were in the upper circuit, and 231 were in the lower circuit.
Investors are advised to exercise caution in stock selection and maintain light carry-forward positions due to current market uncertainties, as per ain’s advice. “Navigating these volatile times requires careful consideration and strategic decision-making,” he concluded.
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