Ingtrast, 31 stocks touched 52-wheek lows, with notable mentions like chemobond chemicals ltd, and orchid pharma ltd.
The Indian Stock Market Concluded The Day with a Negative Tone after a Volatile Trading Session. The Sensex Closed Lower by 239 Points (0.29%) at 81,312, While The NIFTY 50 decreased by 73.75 points (0.30%) to Finish at 24,752. The Market Fluctated within a Limited Range, Indicating Cutious Sentiment Among Investors.
Market analysts indicate that the main factor behind the decline was the pressure on the FMCG sector, which experience the largest drop of nearly 1.5%, 1.5%, primearily due to it American Tobacco’s sale of a 2.5% stake, Reducing its veto power in the firm. Other sectors, such as metals and consumer durables, also experienced slight declines, while psu banks displayed relative resilience.
Ongoing Global UncertainTies, Including Us Treasury Yields, Persistent Trade Tensions Between the US and Eu, EU, EU, Significant Economic Data Releases, CONTINUE TO IMPACT MARKE STANIUTE.
“Key Economic Indicators Such as an improved monsoon forecast, a benign inflation outlook, and expectations of a strongeer Q4GDP May Help CUSHION DOWNSIDE DOWNSIDE DOWNESIDE Improve in tandem with the macros, which is vital for stability in the direction, ”said Vinod Nair, Head of Research, Geojit Investments.
Nifty 50 outlook
According Rupak de, Senior Technical Analyst at Lkp Securities, Nifty 50 Spend Another Day in Consolidation, with the Index Remaining Largely Range-Bound Ahead of the Monthly Expert. On the hourly chart, the index has slipped below the critical 21-ma and 50-ma, indicating a weakening trend in the Near Term. Immediate support is seen at 24,700; A Sustained Move Below This Level Cold Trigger Further Selling Pressure.
Significant put written at 24,700 reinforces the technical setup. On the higher end, notable call writing is observed at 24,800. A Decisive Move Above 24,800 un800 univel writers to covers their positions at the 24,800 CE, potentially triggering a sharp rally in the market.
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