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Reliance, Bajaj Finserv, HDFC Bank, Adani Ports, Maruti Suzuki faced the highest pressure falling up to 2.17 per cent.
Stock Market Today.
In a highly volatile trade, the domestic equity market recovered in the last leg of the trading day on Monday. Though the NSE Nifty reclaimed much of its territory lost early in the day, it closed slightly in the red by 5.4 points above 22,100 at 22,119.30. The BSE Sensex also recovered during the afternoon trade but ended the day lower by 112.16 points at 73,085.94.
However, midcap stocks recovered sharply as the Nifty Midcap Index jumped over 2% from the day’s low.
At around 11 am, the domestic equity market fell into the red after opening significantly higher. The BSE Sensex had fallen below the 73,000 mark at 73,955, which is 720 points lower than the day’s high recorded during its opening trade, while the NSE Nifty was trading lower by 71 points at 22,062, which is over 210 points off the day’s high.
In the opening trade, the BSE Sensex had surged by 449.33 points at 73,647.43 and the NSE Nifty had risen by 106.1 points at 22,230.8. However, the market swung within the half an hour.
Among the 30 shares of Sensex, 18 shares ended in green.
Reliance, Bajaj Finserv, HDFC Bank, Adani Ports, Maruti Suzuki faced the highest pressure falling up to 2.17 per cent.
However, UltraTech Cement, Bharti Airtel, NTPC, Infosys, and Bajaj Finance ended the day in green rising by 2.21 per cent.
Out of total 4,234 stocks traded on the BSE, 1,237 scrips advanced and 2,844 shares declined. However, 153 shares closed flat as compared with the previous day.
Expert Opinion On Markets Today
Vinod Nair, head of research at Geojit Financial Services, said, “The market experienced a gradual recovery from its intraday low, driven by improving economic growth, a rebound in consumption expenditure, and healthy expansion in the agricultural sector, which influenced investor sentiment. With valuations approaching oversold levels, domestic indicators suggest potential for a rebound.”
However, the longevity of this recovery remains uncertain, contingent on easing global trade uncertainties, which currently show limited signs of improvement, he added.
Technical View
Vatsal Bhuva, technical analyst at LKP Securities, said, “On Monday, Nifty found support around 22,000 and managed to close above the crucial 38.2% Fibonacci retracement level of 22,043, derived from the 2022 low of 15,213 to its all-time high of 26,277. The RSI remains in a highly oversold zone at 22 on the daily chart, indicating a possible short-term rebound towards the 400-day EMA at 22,475.”
However, the broader trend remains bearish, favoring a sell-on-rise approach unless Nifty decisively closes above 22,600. Immediate resistance is at 22,300, while key support stands at 22,000. If this support is breached on a closing basis, the next support lies at 21,800, Bhuva added.
