Stock Market LIVE Updates: Closing View
The markets ended marginally lower as short-term traders booked profits in the absence of fresh positive triggers, reflecting a cautious undertone in sentiment. Rising NBFC delinquencies—particularly in microfinance and vehicle loans led to profit booking in financials. Sluggish Q2 earnings in IT and consumer sectors, coupled with stretched valuations, are testing investor confidence. Even as the US Fed’s rate cut provides some relief, persistent domestic headwinds are driving bouts of profit-booking and keeping sentiment guarded.
On the technical front, the Nifty 50’s Hanging Man formation near the 25,500 resistance slope confirmed selling pressure, with intraday support briefly holding at 25,285 before momentum faded. Options data highlights key battle zones—Put OI build-up at 25,300 is offering near-term support, while nearly 2 crore Call contracts at 25,400 are capping upside moves. Immediate support rests at 25,230, and a decisive breach could open the door to 25,150–25,000. On the upside, only a strong close above 25,500–25,600–26,000 can revive bullish momentum.
On a broader trend, the weekly chart remains constructive. The formation of Three White Soldiers signals that buyers are still active on declines, with 25,000 acting as a critical swing support where value buying could re-emerge.
For the Bank Nifty, OI concentration around 55,500 provides a sturdy floor, while resistance is stacked at 56,000–56,500. A sustained breakout above 55,800 could extend the rally toward 56,000–56,500, but a slip below 55,550 may drag the index back to 55,000. The higher-high, higher-low structure remains intact, reflecting underlying strength despite near-term volatility.
View by: Ponmudi R, CEO of Enrich Money, a Sebi-registered online trading and wealth tech firm.
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