The Nifty 50 index opened at 23,746.65 but quickly dipped to an intraday low of 23,496.15, marking a significant drop of over 200 points from its opening. This sharp decline highlighted initial bearish sentiments. However, the index began recovering after 12:35 PM and saw a steady climb during the second half of the trading session. By the market close, Nifty 50 settled at 23,688.95, down 18.95 points or 0.08% from the previous close of 23,707.90.
Despite the day’s fluctuations, the level of 23,500 appears to be a robust support for the index, as it managed to hold above this mark even during the sell-off. The recovery from its intraday low suggests buying interest near this critical support. Traders should note that breaching this level might trigger further downside, but as of now, it remains a strong cushion for Nifty 50.
| Open | 23,746.65 | High | 23,751.85 | Low | 23,23,496.15 |
| Prev close | 23,707.90 | 52-wk high | 26,277.35 | 52-wk low | 21,137.20 |
Among the key indices, Nifty IT emerged as the top performer, closing at 43,634.25 with a gain of 258.40 points or 0.60%, driven by buying interest in the technology sector. On the downside, Nifty Metal and Nifty Small cap 50 saw notable declines, dropping by 57.35 points (-0.67%) and 136.30 points (-1.54%), respectively, reflecting pressure on smaller and metal-based stocks. Additionally, Bank Nifty fell 367.10 points (-0.73%) to settle at 49,835.05, indicating a weak sentiment in the financial sector. Midcap indices, including Nifty Midcap 150 and Midcap 100, also declined by over 1%, highlighting broad-based selling in midcap and small cap stocks.
Major factors affecting today’s market
Today’s market witnessed mixed sentiments despite global markets trading in positive territory. The Dow Jones, which ended in negative territory, contributed to the bearish mood, influencing investor sentiment on the domestic front. The broader indices, including Nifty Smallcap and Nifty Midcap, further added to the pressure, recording significant declines and highlighting weakness in smaller stocks. However, Nifty IT and the commodity sector provided some relief, closing the session on a bullish note with notable gains.
Throughout the trading session, the market appeared to be driven by big operators, as evidenced by Nifty 50’s dramatic moves. The index plunged over 200 points in the first half, reflecting aggressive selling, but staged a remarkable recovery in the latter half of the session. This sharp rebound indicates strategic buying at lower levels, with 23,500 emerging as a robust support for Nifty 50.
Market Predictions for Tomorrow
The market is expected to open on a positive note tomorrow, with Nifty and Bank Nifty likely to recover after today’s sharp sell-off in the first half, which dragged most sectors into the red, except for Nifty IT. FIIs continue their aggressive selling, sustaining the bearish momentum and adding to investor concerns. With Nifty 50 nearing its crucial support level at 23,630, this zone will be pivotal for determining the potential downside. Investors remain cautious as the broader market battles weak fundamentals and intense selling pressure.
While indices may see a brief recovery, individual stocks are likely to face continued declines, highlighting the market’s fragile state. FIIs’ persistent selling and the prevailing bearish sentiment suggest that any upward moves might be short-lived. Traders and investors should remain alert and focus on managing risks as the market struggles to find stability. Tomorrow’s session calls for a cautious approach, as the bearish trend continues to dominate.
Nifty 50 Prediction for tomorrow
Nifty 50 closed below the 200 EMA today, but it remains a strong support zone. If the index manages to hold above the 200 EMA, it is likely to close above it tomorrow. However, if it fails, it may test the 23,250–23,300 levels as the next support range.
Key levels to watch in Nifty 50:
- Buying levels: First at 23,630 and second at 23,500. Enter only if Nifty 50 holds these levels with proper retesting.
- Selling levels: First at 23,780 and second at 23,600 after a breakdown and retesting.
For buying, wait for Nifty 50 to cross 23,780 and retest it for confirmation. Always use proper stop-loss, set targets, and keep trailing both to manage your risk and maximize profits.
| 1st Buying level | 2nd Buying level | 1st Selling level | 2nd selling level |
| Above 23,630 | 23,500 | Below 23,600 | 23,780 |
Bank Nifty Prediction for Tomorrow
Bank Nifty closed near its crucial support level of 49,835, which may act as a strong base for a rebound. If it manages to hold this level, we might see a recovery towards higher levels tomorrow. However, if it fails to sustain, further downside pressure could emerge.
Key levels to watch in Bank Nifty:
- Buying levels: First at 49,600 and second at 50,000 after a breakout. If Bank Nifty crosses 50,000, the target could be 50,400. Avoid buying if it opens with a gap-up above 50,000.
- Selling levels: First at 49,600 if it fails to retest this level, and second at 50,400 after a breakdown and proper retesting.
For buying, wait for Bank Nifty to cross 49,800 and retest it, or buy near 49,600, which is a robust support. Always use proper stop-loss, set clear targets, and trail them to maximise gains and manage risks effectively.
4o
| 1st Buying level | 2nd Buying level | 1st Selling level | 2nd Selling level |
| Above 49,600 | Above 50,000 | Below 49,600 | 50,400 |
Overall Market outlook for Tomorrow
The market is expected to open on a positive note tomorrow, with a potential recovery in Nifty 50 and Bank Nifty after today’s widespread sell-off. Nifty 50 is likely to find support near its 200 EMA, and if it holds above this level, it could see a move toward higher levels. However, failure to sustain may push it to test the 23,250–23,300 zone. Similarly, Bank Nifty’s strong support at 49,835 could trigger a rebound, but caution is advised with the Union Budget approaching, as negative sentiment in the banking sector may arise.
Overall, the market will remain under the influence of FIIs’ relentless selling and bearish momentum. Brief recoveries in indices might occur, but weak fundamentals and sustained selling pressure could limit any significant upside. Traders are advised to focus on key levels, avoid impulsive trades, and maintain strict risk management by setting proper stop-loss and targets. The cautious approach remains crucial as the broader market continues to struggle for stability.
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