Indian stock market indices started the day on a bright note on Wednesday but later gave up on the gains to quote lower amid mixed global market trends and continuous foreign fund outflows.
At 11 am, Sensex gained 100 points, Nifty above 19,400 closer to its resistance zone while broader markets outperformed.
On Sensex, Sensex pack, Tata Steel, Axis Bank, JSW Steel, Infosys, Tata Consultancy Services, Reliance Industries, UltraTech Cement and NTPC were the major gainers. While, jio Financial Services, Bharti Airtel, ITC, Kotak Mahindra Bank, IndusInd Bank and Mahindra & Mahindra were among the laggards.
NIFTY
- The indices opened on a positive note on Tuesday, traded sluggish throughout the day, and ended on a flat note at the 19,396 level.
- Indices formed a negative price pattern and maintained their higher highs and higher lows formation on a daily scale.
- On a broader scale, indices are still in the negative zone, as they have been making lower highs and lower lows on a weekly scale.
- For the uptrend to continue, indices must break through the 19,500 level and move up towards the 19,800–19900 level. Unless that happens, the risk of failure remains high, and there is a possibility that indices will remain under pressure.
- The key levels to keep an eye on are 19,500 on the high side and 19,250 on the low side. A close above or below this level could lead to further momentum in that respective direction.
Support and Resistance
- Nifty: Immediate resistance is at 19,450, followed by 19,500 levels. Conversely, downside support is located at 19,340, followed by 19,290.
- Bank Nifty: Intraday resistance is positioned at 44,200, followed by 44,500, while downside support is found at 43,750, followed by 43,500.
- Fin Nifty : Intraday resistance is positioned at 19,600, followed by 19650, while downside support is found at 19470, followed by 19430.
News to track today
- S&P downgrades multiple US banks on growing liquidity worries
- The finance ministry has cautioned that global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months.
- India Banking system’s liquidity slips into deficit for the first time in FY24
- Domestic crude oil production up 2.1% to 2.5 MMT in July, imports down 6.3% YoY
- BSE postpones removal of Jio Financial Services from indices to August 29
- LIC acquires 6.66% shareholding in Jio Financial Services through demerger
- Vodafone Idea plans to clear about Rs 2,400 crore dues by September
- BEML bags order worth ₹101 cr from Ministry of Defence for supply of command post vehicles
- BHEL secured Rs 4,000-crore order from Adani Power’s arm
- Dilip Buildcon wins order worth 1280 crore
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