New Delhi: Indian markets opened in the red on Monday, reflecting global anxiety over geopolitical developments.
The BSE Sensex stood at 73,206.60 points, down by 112.95 points or 0.15 per cent at 9:16 am, while the NSE Nifty 50 was at 22,696.75 points, declining by 16.35 points or 0.07 per cent.
Among Nifty stocks, Wipro, Hindalco Industries, Titan, and Trent were major gainers, whereas Kotak Mahindra Bank, InterGlobe Aviation, Tata Steel, and Bajaj Finance were among the top losers. Meanwhile, Nifty midcap and smallcap indices were down around 0.5 per cent each.
Ajay Bagga, a banking and market expert, said the market remains on a “knife-edge” due to geopolitical tensions and a 24-hour extension of a key deadline involving Iran. He noted that while some Asian markets showed gains, domestic sentiment was weighed down by heavy foreign institutional investor (FII) positioning.
Bagga added that GIFT Nifty संकेत a gap-down opening, with FII short positions in index futures nearing 83 per cent. He warned of continued volatility, though any positive development in the Iran situation could trigger a sharp market rebound.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said the markets experienced volatility in the previous truncated week, with both Sensex and Nifty ending lower. Pharma and healthcare sectors saw the biggest losses, while IT stocks gained.
He explained that technically, the market still shows a negative trend with a lower top formation on daily charts, although momentum indicators suggest the possibility of a near-term pullback.
Chouhan identified the 22,400–22,500 range as a crucial support zone for the Nifty. A fall below this level could lead to further declines, while holding above it may support the current trend.
For Bank Nifty, he highlighted 50,500 as a key level. A move above it could push the index toward 52,500–53,000, while a drop below may lead to a retest of lower levels around 50,000–49,700.
Sunil Gurjar, SEBI-registered analyst and founder of Alphamojo Financial Services, noted that the Nifty 50 has formed a hammer candle near an important support zone, indicating that buyers are attempting to defend lower levels. He added that a bounce could lead to further upside, while a breakdown may trigger fresh selling pressure.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
