Nifty Traded Flat In Volatile Session, Broader Market Positive

In a volatile session on Tuesday the Indian headline index Nifty traded in a broad range of 24,343 to 24,125 to settle marginally below the 24,200 mark at 24,193. As FII turned net buyers in the Indian equities yesterday with an inflow of around 10,000 crore, the index opened in green with the help of IT and FMCG. However, liquidation at higher levels pushed the market lower with stocks such as UltraTech, M&M, Tata Motors, Sun Pharma and Adani twins dragging the headline index.

Britannia Industries, Asian Paints, Shriram Finance, Bharat Electronics, and Infosys were among the top gainers on the Nifty today. The broader market was slightly positive with an advance decline ratio of 1437/1042.

The Bank Nifty also witnessed selling after a gap up, and touched an intraday high of 52,555 at open and declined towards 52,000 marks at a later phase, to settle at 52,191, almost flat since the previous session close.

In today's trade, Zomato shares gained more Than two per cent as the company opened QIP of Rs 8,500 crore while shares of Vodafone Idea gained seven per cent on reports of cabinet nod for bank guarantee waiver.

In corporate development, RVNL got a letter of acceptance for a project worth Rs 625 crore from South Central Railway. Discount broker Angel One AMC got SEBI’s nod to commence its mutual funds business. Finnish phone maker HMD, known for Nokia-branded feature phones, is shifting much of its manufacturing from China to India. The company plans to make India its global manufacturing hub, strengthening its export capabilities.

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Market Outlook Index for Traders

NIFTY: The index closed on an indecisive note today with buyers at lower levels. The immediate resistance is placed at 24270 and then at 24350 levels and when the 24350 levels breakout is seen the index may advance towards 24460-24480 range. The immediate support is placed in the 24,050-24,100 range.

BANK NIFTY: The index outlook is positive in the short term with immediate resistance of a 52,500 breakout may send rates towards the 53,000-53,200 range. The immediate support is seen at the 51,600-51,700 range and it is a buy on dips for holding positions in bank nifty.

NIFTY MIDCAP Select Index: The index faces a stiff resistance at the 12,660-12,700 range when the breakout happens the index may move towards the 12,800-12,850 range. The immediate support is seen in the 12,480-12,500 area. It's buy at dips in the midcap index for the short term.

The report is being prepared by Bitupan Majumdar, an independent SEBI registered research analyst with registration code INH30006962. Please consult your financial advisor before taking investment decision.

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