The NSE Nifty 50 index seems poised for a tepid start on Tuesday, with GIFT Nifty futures quoting around 24,125 levels – suggesting a likely gap down of around 100 points for the NSE benchmark. On Monday, the Nifty ended at 24,238.
Going ahead, the key support levels on the Nifty, geopolitical worries and the weekly futures & options expiry is likely to dictate the market trend today.
“Indian equity markets are expected to open on a subdued note as investors remain cautious amid escalating geopolitical tensions in the Middle East, elevated crude oil prices, persistent foreign portfolio investor (FPI) selling, and continued weakness in the Indian rupee. The combination of external headwinds has reinforced a risk-off mood, limiting investors’ appetite for equities,” says Ponmudi R, CEO of Enrich Money.
The analysts adds that the Nifty is expected to trade with a cautiously constructive bias, as buying interest near key support levels continues to underpin the broader recovery trend.
Ponmudi sees immediate support for the Nifty at 24,100; below which, he cautions that renewed selling pressure could drag the index towards the 24,000 psychological mark.
“From a technical perspective, the 24,300–24,400 zone remains the immediate resistance, a band that gains added significance as it coincides with the 200-day Exponential Moving Average (EMA). A sustained breakout above this region would reinforce bullish momentum and could open the path towards the 24,500–24,600 zone,” adds Ponmudi.
Meanwhile, Nagaraj Shetti, senior technical research analyst at HDFC Securities reckons that the near-term uptrend of Nifty is still intact.
“As long as the Nifty holds 24,000 levels during its ongoing consolidation, Nifty is expected to bounce back towards 24,350-24,400 levels again in the near term, says Shetti.
Om Mehra, technical research analyst at SAMCO Securities also expects strong support for the Nifty around the 24,000-mark.
“The Relative Strength Index (RSI) is placed at 55, holding above the 50-mark, although momentum has flattened. India VIX settled at 12.98. The immediate resistance is placed at 24,400, marking the upper Bollinger Band. On the downside, 24,100 now serves as the first support level, with 24,000 providing a stronger cushion if the pullback extends further,” explains Mehra.
Nifty options data
Nifty weekly options data shows that the Put-Call-Ratio stands at 1.37 for today’s expiry. Highest open interest (OI) among Calls stands at 24,300 and 25,000 Strikes; whereas highest OI in Puts is seen at 24,200, 24,000 and 24,100 Strikes.
Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers’ discretion is advised.
Going ahead, the key support levels on the Nifty, geopolitical worries and the weekly futures & options expiry is likely to dictate the market trend today.
“Indian equity markets are expected to open on a subdued note as investors remain cautious amid escalating geopolitical tensions in the Middle East, elevated crude oil prices, persistent foreign portfolio investor (FPI) selling, and continued weakness in the Indian rupee. The combination of external headwinds has reinforced a risk-off mood, limiting investors’ appetite for equities,” says Ponmudi R, CEO of Enrich Money.
The analysts adds that the Nifty is expected to trade with a cautiously constructive bias, as buying interest near key support levels continues to underpin the broader recovery trend.
Ponmudi sees immediate support for the Nifty at 24,100; below which, he cautions that renewed selling pressure could drag the index towards the 24,000 psychological mark.
“From a technical perspective, the 24,300–24,400 zone remains the immediate resistance, a band that gains added significance as it coincides with the 200-day Exponential Moving Average (EMA). A sustained breakout above this region would reinforce bullish momentum and could open the path towards the 24,500–24,600 zone,” adds Ponmudi.
Meanwhile, Nagaraj Shetti, senior technical research analyst at HDFC Securities reckons that the near-term uptrend of Nifty is still intact.
“As long as the Nifty holds 24,000 levels during its ongoing consolidation, Nifty is expected to bounce back towards 24,350-24,400 levels again in the near term, says Shetti.
Om Mehra, technical research analyst at SAMCO Securities also expects strong support for the Nifty around the 24,000-mark.
“The Relative Strength Index (RSI) is placed at 55, holding above the 50-mark, although momentum has flattened. India VIX settled at 12.98. The immediate resistance is placed at 24,400, marking the upper Bollinger Band. On the downside, 24,100 now serves as the first support level, with 24,000 providing a stronger cushion if the pullback extends further,” explains Mehra.
Nifty options data
Nifty weekly options data shows that the Put-Call-Ratio stands at 1.37 for today’s expiry. Highest open interest (OI) among Calls stands at 24,300 and 25,000 Strikes; whereas highest OI in Puts is seen at 24,200, 24,000 and 24,100 Strikes.
Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers’ discretion is advised.
