Benchmark indices remained under pressure on Tuesday, with the rebound from the day’s lows failing to sustain, leading to a negative close. Analysts say Nifty is likely to extend its recent consolidation and trade in the broad range of 23,115-23,650 in the coming sessions.
STATE OF THE MARKETS
Tech View: The Nifty has formed a bearish engulfing pattern on the daily chart, suggesting waning bullishness in the market. The sentiment looks weak, with immediate support placed at 23,300, below which the index might fall towards 23,000. On the other hand, resistance is placed at 23,400, above which the index might move towards 23,600 and higher.
India VIX: India VIX, which is a measure of the fear in the markets, fell 2% to settle at 11 levels.
Read more: Ahead of Market: 10 things that will decide stock market action on Wednesday
Stocks in F&O ban today
1) SAIL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Read more: NSE IPO allotment today: How to check status on BSE and MUFG Intime? GMP hints at 4% listing gains
Foreign portfolio investors net sold shares worth Rs 3,810 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 4,120 crore.
The rupee appreciated 16 paise to close at 95.62 against the US dollar on Tuesday, supported by a sharp fall in crude oil prices on improved global risk sentiment and hopes of diplomatic talks to resolve the US-Iran war.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.
