The benchmark began the session on a softer note, with buyers initially attempting to push the index above the previous day’s high. However, the gains proved short-lived as selling pressure emerged, wiping out the early advance.
With no sustained buying support, the Nifty gradually drifted lower through the second half of the session and settled near the day’s low at 23,985, down 0.04%.
Among the Nifty constituents, TCS, Eternal, and Tech Mahindra were the top gainers, while Hindustan Unilever, BEL, and Coal India ended as the biggest losers.
Sectoral performance remained mixed. IT, Realty, and Consumer Durables led the gains, while FMCG, PSU Banks, and Metal were the top laggards.
The broader market also lacked momentum. The Nifty Midcap 100 edged up 0.08%, while the Nifty Smallcap 100 declined 0.22%.
Looking ahead, Indian equities are expected to remain range-bound with a positive bias. Sentiment is likely to be supported by easing geopolitical tensions in West Asia after the US President reiterated his preference for a diplomatic resolution with Iran, along with the continued decline in Brent crude prices.
However, investors will continue to track developments surrounding the US-Iran conflict and any potential disruption to global oil supplies following the latest Houthi attacks on Saudi oil infrastructure.
Nagaraj Shetti of HDFC Securities said the Nifty’s underlying short-term trend remains positive despite the recent consolidation.
“With the index facing a key overhead resistance around 24,100, there is a possibility of some consolidation or a minor dip in the near term before a decisive breakout,” he said.
Nandish Shah of HDFC Securities said that the Nifty faced resistance near its 20-day EMA at 24,027 before turning lower.
“The broader trend remains weak as the index continues to trade below its 20-day and 100-day EMAs. A decisive close above 24,200 is needed to confirm a bullish trend reversal. On the downside, immediate support is placed at 23,800, followed by 23,600,” Shah said.
Rupak De of LKP Securities said the absence of the usual monthly expiry volatility reflected indecisiveness among traders.
“The Nifty closed around its 50-day EMA for the second straight session. Resistance remains at 24,050, while support is seen at 23,920. A decisive move above 24,050 could pave the way for a rally towards 24,500 in the short term. On the downside, 23,800 remains a key support level,” he said.
