The trading environment was flat and there were minimal changes in the indices by end of session yesterday. Nifty opened with negligible movement and continued to fluctuate within a narrow band for the rest of the day, eventually closing at about 22493.55 points. Sectoral performance varied, with metal and FMCG stocks registering significant gains while banking, auto and energy sectors reported declines leading to mixed trend.
However, despite this subdued market mood, broader indices squeezed out fractional gains after weeks of consecutive fall. Bank Nifty met resistance approximately at 48000 levels during the session while support got identified around 47750. Nevertheless, weekly closing shows bullish momentum is still intact in the market. Key support levels are established at 47500 while resistance is observed at 48200 marks. If the market makes it above this level on a decisive basis & confirms that through consecutive closings then bulls can carry on till 48500-48800 zone indicating more positive sentiment in markets.
The Sensex index showed a modest gain of 33.40 points or 0.05 percent at 74,119.39 at the close of business. Similarly, the Among individual stocks there was a mix of advances and declines with advancing shares numbering 2071 while declining shares were 1588; unchanged shares remained on the same level as before.
Tata Steel, Bajaj Auto, Tata Consumer, Tata Motors and JSW Steel emerged as the top gainers contributing to gains made in the Nifty index for the day on Tuesday; conversely, M&M (Mahindra & Mahindra), BPCL (Bharat Petroleum Corporation Limited), Reliance Industries, Axis Bank and ICICI Bank were some notable losers in Nifty index.
This mixed performance in individual stocks reflects the broader trend observed in the market where some sectors went up while others declined implying that it was a nuanced market sentiment with selective buying and selling activities among investors.
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