Nifty has fallen by about 7% from its all-time high, now sitting at key support around the 100-day Exponential Moving Average (DEMA) of 24,485. Analysts expect more downside, especially in midcap and smallcap stocks. The next key support is near 24,000, while a rebound could face resistance around 24,700 to 25,000.
Market Overview:
- GIFT Nifty: The GIFT Nifty shows a modest gain of 15 points, signaling a calm start for the Indian stock market today.
- Technical View: Nifty’s short-term trend remains negative. A fall below 24,500 could trigger further declines, with 24,000 as the next target.
- US Market: The tech-heavy Nasdaq saw gains, while the Dow and S&P were flat.
- Asian Markets: Mixed performance as traders stay cautious, waiting for the US Federal Reserve’s decisions on interest rates.
- Oil: Prices fell slightly after US crude inventories rose more than expected.
- Stocks in F&O Ban: 12 stocks, including PNB, Bandhan Bank, and Indiamart, are in the F&O ban today.
- FII/DII Activity: Foreign investors sold shares worth Rs 3,978 crore, while domestic investors bought Rs 5,869 crore worth of stocks on Tuesday.
- Rupee: The rupee ended at 84.08 against the US dollar, down by just 1 paisa.
Be cautious in your trades, and look for resistance at 24,700 if the market rebounds.
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