The NSE Nifty 50, which closed higher on Wednesday, is currently facing resistance near 25,000, according to analysts.

Technically, the Nifty formed an inside bar candle on the daily chart, suggesting consolidation within the previous candle’s range. The index is currently facing resistance near 25,000, according to Hrishikesh Yedve, technical and derivatives research analyst at Asit C. Mehta Investment Interrmediates Ltd.

“A decisive move above 25,000 could lead the index to test 25,200–25,250 levels. On the downside, strong support is placed near 24,430, where the 21-day exponential moving average is positioned,” he said.

A breakout above 25,000 could push the market up to 25,100–25,150, according to Shrikant Chouhan, head equity research at Kotak Securities.

“On the flip side, if the market drops below 24,650, sentiment could turn negative. Falling below this level, the correction wave is likely to accelerate. In such a scenario, the market could retest the levels of 24,500–24,450,” Chouhan said.

The Bank Nifty settled on a marginally positive note at 55,075. Yedve said that technically, the index formed a doji candle on the daily chart, indicating indecision.

“On the downside, strong support is seen near 54,520, while short-term resistance is placed at 55,700 levels. Traders are advised to monitor these levels closely for potential trading opportunities,” he said.

FII/DII Activity

Foreign portfolio investors turned net buyers of Indian equities after two days of selling on Wednesday as they mopped up stocks worth Rs 2,201.79 crore, according to the provisional data from the National Stock Exchange.

Domestic institutional investors stayed net buyers for the second straight day as they bought equities worth Rs 683.77 crore, the data showed.

Global Cues

Asia-Pacific markets declined Thursday tracking decline on Wall Street as worries over US debt rose. The Nikkei 225 and KOSPI were trading 0.62% and 1.10% down, respectively as of 7:00 a.m.

On Wednesday, the Dow Jones Industrial Average fell 1.91% at 41,860.44. S&P 500 fell 0.19% at 5,872.25. The Nasdaq Composite fell 1.41% at 18,872.64.

The dollar index was at 99.43. The Brent crude future was trading 0.19% at $64.53 per barrel. The Gold future was trading 0.79% higher at $3,340.90 an ounce.

The GIFT Nifty was trading 0.08% or 21 points higher at 24,783.5 as of 7:05 a.m.

Market Recap

The benchmark equity indices closed higher, breaking a three-session losing streak on Wednesday, amid volatility in the domestic stock markets.

The NSE Nifty 50 closed 129.55 points, or 0.52% higher at 24,813.5 and the BSE Sensex ended 410 points, or 0.51% up at 81,596. During the day, the Nifty gained 1.06% to 24,946, while the Sensex declined 1.03% to 82,021.

Major Stocks In News

  • IndusInd Bank: After receiving reports of investigations carried out by an external professional firm and internal audit department, the board of Bank said that it suspects the occurrence of fraud against the lender. The lender said that Rs 173 crore has been incorrectly recorded in the microfinance portfolio.

  • Garden Reach Shipbuilders: Government of the People’s Republic of Bangladesh has cancelled 21 million USD order for the Construction of an Advanced Ocean-Going Tug. The order was received on July 1, 2024.

  • Aarti Industries, Birlasoft, Hindustan Copper, Mahanagar Gas & Piramal Enterprises: The companies to be excluded from F&O effective Aug. 1

Currency Market

The Indian Rupee closed flat at 85.64 against the US dollar, reflecting a day of cautious trading, influenced by various global and regional factors.

. Read more on Markets by NDTV Profit.A breakout above 25,000 can push the market up to 25,100–25,150, says Shrikant Chouhan of Kotak Securities.  Read MoreMarkets, Notifications 

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