Mumbai, 30 June. Despite positive global cues, the Indian stock market started with gains on Tuesday, but shortly after the initial trading, the market lost its momentum and major indices started trading in the red. The impact of new geopolitical tensions and investor caution was clearly visible on market movements.
market opened with gains
The 30-share BSE Sensex opened at 77,005.51, up 277.14 points (0.36%) from the previous close of 76,728.37. At the same time, NSE Nifty 50 also managed to start trading at the level of 24,032.05 with a gain of 85.79 points (0.35%). However, the initial rally did not last long and both the major indices soon reached the red mark.
Sensex-Nifty declined during trading
At the time of writing, the Sensex was trading at 76,593.68, down 134.69 points (0.18%). Nifty was seen slipping 75.45 points (0.32%) and trading at the level of 23,870.80.
Growth in smallcaps, weakness in midcaps
Talking about the broader market, the Nifty Smallcap index registered a gain of 0.24%, while the Nifty Midcap index was seen trading with a decline of 0.19%.
Most pressure on IT sector
Nifty IT was the weakest performing sector in the sectoral index, falling about 2%. Apart from this, selling was also seen in auto and metal shares. On the other hand, buying trend remained in Nifty Chemical, Realty and Consumer Durables sectors.
There was maximum movement in these shares
Gaining Shares:
Maruti Suzuki
Axis Bank
Bharti Airtel
Nestle India
Adani Enterprises
power grid
indigo
titan
Falling Shares:
Eicher Motors
Tata Consumer
Hindalco
Infosys
tcs
Dr. Reddy’s Laboratories
wipro
What do market signals say?
According to market experts, despite the recent fall, Nifty still remains above its short term and medium term moving averages. However, the index is yet to surpass the 100-day exponential moving average (EMA) and is trading below the 23.6% Fibonacci retracement level of the April rally. Talking about technical indicators, the Relative Strength Index (RSI) has dropped to 53.89, while the MACD is still in the positive zone. However, the continuously decreasing green histogram is indicating weakening of the bullish momentum in the market.
Important level for Nifty
Experts believe that the level of 24,100 to 24,200 is the most important resistance zone for Nifty at present. If the index remains firmly above this level, a fresh rise to 24,500–24,600 may be seen. At the same time, the level of 23,800 is considered as strong support. If Nifty slips below this level then the selling in the market may become more intense.
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