The Nifty’s attempt at a follow-up rally fizzled out on Tuesday, as selling pressure emerged from the highs after Monday’s stellar upmove. The index closed 98 points lower at 24,487.<\/p>\n
After an initial rise in the first hour of trade to 24,702, the Nifty reversed course, shedding over 200 points from its peak and settling near the day’s low.<\/p>\n
The Indian equity market failed to hold on to its opening-hour gains, ending at the day’s low. A sharp sell-off in the last hour dragged the Nifty below its 100-DMA of 24,514.
\n<\/p>\n
\nTech Mahindra, Maruti, and Hero MotoCorp led the charge among the Nifty’s top performers. Conversely, it proved to be a tough session for heavyweights like Bajaj Finance, Trent, and Hindustan Unilever, which ended as the major losers within the Nifty pack.<\/p>\n
Amongst the sectoral indices, Pharma, Media, healthcare and Auto emerged as major gainers, indicating pockets of resilience and investor interest in these segments.<\/p>\n
However, the day’s decline was largely driven by Nifty Financial Services, Private Banks, and Realty, which ended the day as major losers, weighing down the benchmark index.<\/p>\n
The Nifty Midcap Index fell alongside the benchmark by 0.27%, while the Nifty Smallcap 100 Index managed to end the day marginally in the green.<\/p>\n
What do the Nifty 50 charts indicate?<\/p>\n
\nThe Nifty faced selling pressure as uncertainties surrounding tariffs and geopolitical issues continued to weigh on Indian equities. The index slipped from the day’s high of 24,700, closing more than 200 points lower.<\/p>\n
According to Nandish Shah of HDFC Securities, the 24,340 level, where recent swing lows were registered, continues to be the support for the Nifty. On the upside, today’s high of 24,702 will now act as a short-term resistance level.<\/p>\n
In the short term, the Nifty is likely to remain volatile with no clear directional bias, said Rupak De of LKP Securities.<\/p>\n
“On the downside, immediate support is placed at 24,450; a break below this level could drag it towards 24,337 or lower. On the upside, immediate resistance is seen at 24,660-24,700, and a sustained move above this zone could push it towards 24,850 or even 25,000,” De said.<\/p>\n
Nagaraj Shetti of HDFC Securities said the short term uptrend that resumed after a sharp upmove of Monday remains intact and he expects buying to emerge from near the supports of 24,300-24,400 levels in the coming sessions. Hence, one may expect Nifty to retest the crucial hurdle of around 24,700 in the short term.<\/p>\n
What do the Nifty Bank charts indicate?<\/p>\n
The Nifty Bank index ended the session at 55,043.70, down 0.84%, after a meaningful recovery in the previous session. The index failed to hold the intraday gains and slipped into negative territory.<\/p>\n
The index remains positioned below the 50-SMA, 20-SMA, and 9-EMA, indicating sustained short-term weakness. The 100-SMA is placed around the 55,000 mark, and a decisive slip below this level could accelerate the downside momentum and invite further selling pressure, said Om Mehra of SAMCO Securities.<\/p>\n
Mehra said the broader support levels are now layered at 54,700, followed by 54,450, which could act as the next cushion if the weakness persists. “On the upside, until the index closes back above 55,650, rallies are likely to remain short-lived, with any recovery attempts expected to face firm resistance near this pivotal zone.”<\/p>\n","protected":false},"excerpt":{"rendered":"The Nifty’s attempt at a follow-up rally fizzled out on Tuesday, as selling pressure emerged from the highs…\n","protected":false},"author":2,"featured_media":41161,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[5380,84,467,4385,33507,20760,16804,7968,5378,33508,16803,56,54,55,4521,7181],"class_list":["post-62921","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-bse-sensex","tag-business","tag-markets","tag-nifty","tag-nykaa-shares","tag-q1-results-today","tag-share-market-setup","tag-share-market-today","tag-stock-market-today","tag-suzlon-share-price","tag-trade-setup","tag-uk","tag-united-kingdom","tag-unitedkingdom","tag-us-stocks","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/62921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=62921"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/62921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/41161"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=62921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=62921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=62921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}