The Nifty 50 ended 112 points, or 0.47%, lower at 24,455, slipping below the crucial 24,500 mark. The index remained under pressure amid choppy trade throughout the session.
Among Nifty 50 constituents, Dr. Reddy’s Laboratories and Eternal emerged as the top gainers, while Tata Consumer Products and Max Healthcare were the biggest laggards. On the sectoral front, Nifty Pharma and Nifty IT outperformed, whereas Nifty Realty and Nifty Metal saw the sharpest declines.
The broader market also remained subdued, with the Nifty Midcap 100 and Nifty Smallcap 100 trading in narrow ranges for the fourth consecutive session.
Going ahead, benchmark indices are likely to remain range-bound, while the broader market could see stock-specific action as the final leg of the Q1FY27 earnings season unfolds.
Weak global cues, rising crude oil prices and geopolitical uncertainty are likely to keep investor sentiment cautious. Market participants will track India’s CPI inflation and US CPI data due on Wednesday, along with Q1FY27 results from Hindustan Aeronautics, Grasim Industries, Tata Motors and Apollo Hospitals, among others.
According to Nagaraj Shetti of HDFC Securities, consolidation and choppy movement are likely to continue in the near term, with the next lower support seen around 24,300.
Osho Krishan of Angel One said the Nifty’s 20-day exponential moving average (20-DEMA), currently placed around 24,350, is likely to act as the immediate support zone.
Krishan said that a decisive break below this level could intensify selling pressure, with stronger support emerging in the 24,200-24,160 zone, where the 50-day and 100-day EMAs converge.
On the upside, 24,600 remains a crucial resistance level, in line with recent closing levels and likely to cap recovery attempts. A sustained move above this mark, accompanied by improving momentum, would be essential to revive buying interest and restore positive traction in the coming sessions, Krishan said.
LKP Securities’ Rupak De said the index has slipped below key near-term moving averages, signalling some weakness in the short-term trend. However, 24,400 remains an immediate support level, and any decline could attract buying interest around this zone.
On the higher side, resistance is seen at 24,600-24,650. The sentiment is likely to remain positive as long as the Nifty holds above 24,400, while a decisive break below this level could weaken the near-term outlook, De said.
Sudeep Shah of SBI Securities said the 200-day EMA zone of 24,390-24,350 will be a key support area for the Nifty. A decisive break below 24,350 could accelerate the correction and drag the index towards 24,200 in the near term.
On the upside, the 24,600-24,630 zone is expected to act as an immediate and crucial resistance hurdle. A sustained move above this band would be required to revive bullish momentum and pave the way for further upside, Shah said.
