The stock market showed resilience as Nifty recovered after an early setback at the beginning of Thursday’s trading session, even though it started the day flat.
The Sensex opened 76.68 points down at 64,898.93, while Nifty faced a marginal decline of 30.40 points, opening at 19,413.10.
Top gainers among Nifty companies included BPCL, M&M, Adani Ports, Dr Reddy, and Hero Motocorp, contributing to the market’s positive momentum.
However, Tata Consumer Services, Tech Mahindra, Sun Pharma, HDFC Bank, and Bharti Airtel emerged as the top losers during the early hours of trading.
The managing director and founder of Profit Idea, Varun Aggarwal, stated: “The rupee and the US dollar are still trading in a range. Concerns about the Israel War caused precious metals to correct after a recent rally. Nifty opened flat and is probably going to run into resistance between 19463 and 197767.” The Rupee remained stable in relation to the US dollar despite the market’s early volatility. After a recent rally spurred by worries over the Israel War, precious metals saw a correction.
Aggarwal said, “Being FO expiry today, the market is expected to face stiff resistance at 19500 levels. Huge OI at 19500 CE levels. Traders should look to trade with risk-defined strategies. On the downside, crucial support lies at 19000 OI levels. Nifty has shifted in a broader range of 19600-18800 levels. The medium-term target of Nifty remains at 20466-21234-21410. We remain biased towards the Indian economy and consumption story”.
Nifty, although opening flat, is expected to encounter resistance at levels of 19,463-19,767.