Indian equities witnessed mild recovery on Tuesday with the Nifty gaining 0.4%. Analysts say the index is expected to trade in a broader range in the near term amid ongoing global macro uncertainty and sustained Foreign Institutional Investor outflows. Broader markets may continue to witness stock-specific movement, while investor focus is likely to remain on the RBI monetary policy outcome, keeping rate-sensitive sectors active. IT stocks are also expected to remain in focus following buying interest driven by positive commentary from global AI companies and strength in global technology shares.
STATE OF THE MARKETS
Tech View: On the downside, immediate support is placed at 23,420. A breach below this level could trigger another decline towards 23,200. On the upside, resistance is positioned around 23,600.
India VIX: India VIX, which is a measure of the fear in the markets, fell 7.2% to settle at 15.36 levels.
Stocks in F&O ban today
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.
The rupee depreciated 17 paise to close at 95.36 against the US dollar on Tuesday, as global crude oil prices jumped and the American currency remained firm amid massive safe-haven inflows.
