Stock Market Update: Nifty 50 Opens 91 points Lower, Sensex Falls Over 300 points Amid Mixed Global Trends
The Indian stock market opened lower amid mixed global cues and concerns over the continued US-Iran war, which impacts energy prices and inflation. At the open, Nifty 50 fell 91. 50 points or 0. 38%, Sensex. . .
The Indian stock market opened lower amid mixed global cues and concerns over the continued US-Iran war, which impacts energy prices and inflation. At the open, Nifty 50 fell 91. 50 points or 0. 38%, Sensex declined over 300 points and Bank Nifty edged 329. 85 points or 0. 58% lower. On Wednesday, the Sensex dipped 715. 06 points, or 0. 92%, to settle at 76,755. 05, while the Nifty 50 fell 191. 45 points, or 0. 79%, to finish at 23,996. 25. The Indian rupee opened higher at Rs. 96. 49 per dollar versus the previous close of Rs. 96. 57. Foreign institutional investors (FIIs) turnednet sellersin Indian equities on July 22, offloading shares worth Rs. 819. 20 crore, while domestic institutional investors (DIIs) remained net sellers, selling equities worth Rs. 418. 26 crore. Sensex OutlookTechnically, theSensexformed a long bearish candle on the daily chart, which indicates further weakness from the current levels. “A decisive breakout will be confirmed only if the market surpasses 78,700 or slips below 76,800 on a closing basis. Until then, the market is likely to remain stock-specific with limited index movement. The preferred strategy remains unchanged: reduce weak long positions in the 78,300-78,600 zone, while selectively accumulating quality stocks on declines," said Shrikant Chouhan, Head of Equity Research at Kotak Securities. Nifty 50 OutlookTheNifty 50has turned technically weak after three consecutive sessions of decline. The index formed a sizable bearish candle, indicating continued corrective momentum. “Overall, for the index to extend consolidation in the range of 23,800-24,350. Only a breakout or breakdown will signal the next directional trend in the index. Short-term support is placed at 23,800 levels, being the confluence of the almost identical low of the last 5 weeks and the 50-day EMA,” said Bajaj Broking Research. The brokerage further stated that a decisive break below Wednesday's low of 23,961 could drag the Nifty towards the important support level of 23,800. On the upside, 24,200 is expected to act as immediate resistance. Also Read:Dow Gains While NASDAQ Falls as Investors Await Alphabet and Tesla ResultsBank Nifty OutlookBank Niftyalso formed a bearish candle with a lower high and lower low, indicating continued profit booking. “Key support is placed at 56,500 levels, being the 20-week EMA and the lower band of the last six weeks' range. A breakdown below the same will open downside towards 55,500 levels in the coming sessions. On the higher side, key resistance is placed at 58,700 levels; only a breakout above the same could trigger the next leg of the rally towards 59,300 and eventually 60,000 levels in the coming weeks,” said Bajaj Broking Research. Join our WhatsApp Channelto get the latest news, exclusives and videos on WhatsApp_____________Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i. e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involvedhere.