The Indian stock market today saw benchmark indices Sensex and Nifty open marginally higher, reflecting a mixed trend in global markets. The Sensex climbed 49 points to 77,976, and the Nifty gained 32 points, reaching 24,348. However, the IT sector faced headwinds, with major players like Infosys, TCS, HCL Technologies, and Tech Mahindra seeing their shares fall by up to 3.51%.
Among the top performers in early deals, Bajaj Finance, Bajaj Finserv, M&M, BEL, Eternal, and Sun Pharma shares rose significantly, with some gaining as much as 5%. The overall market capitalization of BSE-listed firms stood at Rs 484.81 lakh crore.
Expert Trading Strategy for Today
Market analysts provided insights into potential trading movements for the day:
- Hitesh Tailor, Technical Research Analyst at Choice Broking, identified 24,200–24,250 as the immediate support zone for the Nifty, with 24,500–24,550 acting as a key resistance area. He suggested that a sustained move above this resistance could extend the ongoing recovery, while holding above the support zone is crucial for maintaining a positive market structure.
- Ponmudi R, CEO of Enrich Money, noted that the 24,300–24,400 zone, coinciding with the 200-day Exponential Moving Average (EMA), remains immediate resistance. A breakout above this band could reinforce bullish momentum towards the 24,500–24,600 region. On the downside, 24,200 is expected to provide immediate support, followed by the psychological 24,000 mark. Momentum indicators, including a bullish crossover in the Daily RSI near the 58 mark, suggest a positive near-term technical outlook.
Previous Session's Close
In the preceding session, the Sensex had closed up 273.55 points (0.35%) at 77,928.15. The Nifty50 also saw gains, climbing 66.95 points (0.28%) to end the session at 24,317.15.