Sensex Today | Stock Market LIVE Updates: The Nifty 50 enters a truncated week following two straight weekly gains, facing global cues, corporate earnings reactions, and key technical levels.
The week begins with the Nifty weekly expiry today as Tuesday will be a holiday on account of Dusshera. There is every reason to believe that the recovery may continue, but there are reasons to be cautious too.
The AI trade unwound on Friday as well on Wall Street, the Russia sanctions waiver is official for at least 60 days, and outflows continue from markets like Korea and Taiwan.
On the other hand, the Nifty is up 900 points in six sessions which warrants some caution, oil prices continue to remain higher, and earnings will be a bigger determinant. The index to watch today will be the Nifty Bank, as HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, all react to their earnings reported on Saturday.
For the Nifty, 23,200 – 23,250 will be the first hurdle on the upside, while the bulls may want to now protect 23,000 on the downside. If that does not happen, 22,950 – 22,900 zone could be a key support.
For the Nifty Bank, 55,500 will remain a support, while 56,000 – 56,200 zone key on the upside.
Also watch for Hospital stocks, Divi’s Labs and others.
Watch this space for all the LIVE stock market updates.