Sensex and Nifty Open Steady — All Eyes on Key Resistance Levels
The Indian stock market began the trading week on a cautious note, opening flat on Monday amid mixed global cues and early selling pressure in the IT sector.
Mumbai: The Indian stock market began the trading week on a cautious note, opening flat on Monday amid mixed global cues and early selling pressure in the IT sector.
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At 9:32 AM, the BSE Sensex was marginally up by 3.88 points at 82,326.71, while the Nifty 50 gained 14.70 points to trade at 25,034.50, indicating a range-bound start to the session.
Nifty Bank, Midcap, and Smallcap Indices See Modest Gains
While benchmark indices showed minimal movement, broader markets performed better:
- Nifty Bank rose 134.25 points or 0.24%, to 55,489.15
- Nifty Midcap 100 gained 143.30 points or 0.25%, reaching 57,203.80
- Nifty Smallcap 100 jumped 141.35 points or 0.80%, hitting 17,701.75
Analysts Flag Key Resistance and Support Levels
According to Anand James, Chief Market Strategist at Geojit Financial Services, traders should watch closely:
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“The only major resistance ahead is the October 2024 peak at 25,235, followed by the September high of 26,277. If the market fails to breach 25,235 or drops below 24,870, a short-term correction may unfold.”
He added that the intraday support level lies around 24,950, and a breakdown could lead to sharper declines.
FIIs Continue Strong Inflows in May
Foreign institutional investors (FIIs) remain bullish, with Rs 23,800 crore in equity inflows recorded so far this month. On May 16 alone, FIIs net bought Rs 8,831.05 crore, while domestic institutional investors (DIIs) picked up equities worth Rs 5,187.09 crore.
Experts attribute the ongoing rally to:
- A decline in global trade tensions
- A rally in US and global markets
- The India-Pakistan ceasefire, improving geopolitical sentiment
Top Gainers and Losers on Sensex
Top gainers in early trade included:
- NTPC
- Bajaj Finance
- Tata Motors
- Sun Pharma
- Bajaj Finserv
- PowerGrid
- SBI
- HDFC Bank
Top losers were:
- Infosys
- TCS
- IndusInd Bank
- HCL Tech
- Tech Mahindra
- M&M
- Reliance
- L&T
Global Markets Reflect Caution
Asian markets were largely in the red:
- China, Hong Kong, Japan, Bangkok, and Seoul were trading lower
- Jakarta was the only major Asian index in the green
In the US, the Dow Jones closed 331.99 points higher at 42,654.74, while the S&P 500 gained 0.70%, and the Nasdaq ended 0.52% higher.
