Based on the options data, on Tuesday the focus will be on the 22,250-22,500 range owing to Nifty's weekly expiry, says Dharmesh Bhatt, Head-Derivatives Research at Systematix Institutional.
At current levels, the NSE Nifty is on course to log its longest (9th) weekly losing streak since April 2001, shows market data. Technical analyst expect support around the psychological 22,000-mark.
Stocks to buy today: Chandan Taparia of Motilal Oswal flags formation of a 'bullish' candle, and respect of the 50-DEMA support as the key positive factors for Paytm stock on technical charts.
The Nifty cracked 1.4% to a low of 22,807.55 on Monday, reaching within striking distance of its 200-week moving average at 22,607. The index last closed below the 200-WMA in June 2020, shows chart.
18 of the 50 Nifty stocks are trading more than 20 per cent below their respective 52-week highs, with a market cap erosion of ₹31.35 lakh crore in the same period.
Among the broader indices, Sachin Gupta of Choice Broking expects Nifty Smallcap to outperform, based on the current chart setup. Among sectors, he sees relative strength in pharma and healthcare.
The pace at which FIIs have added short bets in index futures accelerated in the last three trading sessions, says Dharmesh Bhatt, Head-Derivatives Research at Systematix Institutional Research.
Technical analysts flag presence of multiple hurdles in the 24,000-24,200 region for the Nifty; on the downside, they expect immediate support at 23,800.
The divergence suggests investors are growing weary of the AI-driven rally in chip stocks, while renewing interest in India's IT services firms after a years-long slump
Swiggy shares spiked post company's entry into on-demand LPG delivery via Instamart. Analysts said the HPCL partnership expands Swiggy's quick commerce offerings, expands cross-selling opportunities.
India VIX dropped to a 4-month low as fears of the geopolitical tensions between the US and Iran subsided leading to a rebound in global and Indian stock markets, says Sudeep Shah of SBI Securities.
A Bloomberg report said that the US and Iran are edging closer to signing an agreement to reopen the Strait of Hormuz as the Group of Seven world leaders are set to meet next week.
The ₹2,300 crore fund will be raised in one or more phases/tranches to boost the strategic and business initiatives. Further, the board decided to deliberate further on options for raising funds