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Indian equities are expecting a negative start on Thursday. Trends on GIFT Nifty suggest a weak opening since it is trading around 26,078, about 58 points below the last Nifty futures close.
The broader market tone is still delicate after the indices extended their losing streak to a fourth consecutive session. Meanwhile, the Sensex ended 31 points lower at 85,106.81. The Nifty 50 dipped below the psychological 26,000 level, while closing at 25,986.00.
Market participants will now closely watch Russian President Vladimir Putin’s visit to India today. Any strategic announcements from his meeting with Prime Minister Narendra Modi might influence market sentiment.
The Sensex continues to face hurdles in the 86,000-86,200 level. Analysts believe that if it can make a decisive move above this level, then the bullish momentum will be re-established and potentially the index may reach new highs.
On the flip side, the 85,100-85,000 region will be an important support zone. A breakdown below this may increase downside pressure.
Nifty 50 has been witnessing lower highs and lower lows. The scenario indicates persistent selling during intraday rebounds. The index will have to regain and hold the important 26,100 level for a sustainable recovery toward 26,300.
If Nifty 50 dips below 25,800, it could retrace back down toward 25,650 and eventually 25,500. Resistance is expected in the 26,050-26,200 range.
Heavy call writing can be seen near 26,000 strike, amounting to nearly 96 lakh contracts, has created a strong ceiling for the index.
Meanwhile, put writers have shifted their positions downward, concentrating around 25,500, which now stands as the primary support level.
Bank Nifty ended Wednesday at 59,348.25, forming a bullish candle with a long lower shadow signalling buying interest on dips.
However, as long as the index remains below 60,114, any up-move may attract profit booking. Strong support is seen at 58,860, with resistance zones emerging around 60,000-60,120.
With RSI still in a bearish crossover and the RBI policy announcement just a day away, analysts expect heightened volatility. Traders are advised to stick to a buy-on-dips and sell-near-resistance approach until clearer signals emerge.
Also Read: US Stock Market Today: Dow Jones Rises 0.4% as Labor Weakness Reinforces a Dovish Fed Outlook
Reliance Industries: RIL’s subsidiary, Reliance Strategic Business Ventures (RSBVL), announced a collaboration with Surrey County Cricket Club. RSBVL has acquired a 49% shareholding in Oval Invincibles from the England and Wales Cricket Board (ECB) for GBP 60.27 million.
JK Cement: The company has announced a 3.3 million tonnes per annum (MnTPA) clinker Line-2 at its Panna plant in Bihar. With this announcement, the clinker capacity at the Panna plant has increased from 3.30 MnTPA to 6.60 MnTPA.
Nectar Lifesciences: The Board has approved a share buyback of up to Rs 81 crore for Rs 27 per share. The company has fixed December 24 as the record date for determining the eligibility of shareholders for the buyback.
