According to analysts, after the market ends on a vigilant note on Tuesday, according to analysts, the immediate support of the Nifty is placed at 22,315 levels, with a higher stock decline than proceeding.
Indian equity markets opened with a difference as the US stock markets experienced significant decline, mainly due to the fears of recession and ongoing trade tension. The administration’s aggressive tariff policies, especially the trade war with Canada, have increased economic uncertainty.
Srikanth Chauhan, head of equity research in Kotak Securities, said that as long as the market is trading more than 22,300, the short -term outlook remains fast. On the high side, it can recreate the level of 22,600â22,650.
“Conversely, if it falls below 22,300, the feeling can change. Below this level, traders may prefer to get out of their long positions,” Chauhan said.
In the last few weeks, like low tops and bottles, after negative chart patterns, Nifty is now in the process of creating a new high floor at 22,300 levels, according to Nagraj Shetty, Senior Technical Research Analyst of HDFC Securities.
“A decisive upmov can confirm a rapid change over a barrier of 22,700â22,800 levels and it could open more invertebrates in the near period. Immediate support is placed on 22,315 levels,” Shetty said.
Bank Nifty settled on a negative note on 47,854. Technically, it formed a small red candle on a daily scale and ASIT C. According to AVP Technical and Derivative Research at Mehta Investment Intermediate Limited, 47,840 closed above several support levels.
Yedve said that if the index manages 47,840, a relief rally in the bank Nifty could be possible. However, a continuous brake below 47,840 can cause further weakness. “Traders must monitor these levels for potential business opportunities,” he said.
Recurrence of market
The benchmark equity indices crossed the initial deficit to mix the Tuesday session as ICICI Bank Limited and Bharti Airtel Limited led the recovery.
The NSE Nifty 50 was finished at 37.60 points or 0.17% at 22,497.90, while the BSE Sensex closed at 12.85 points or 0.02% 74,102.32.
Shares in the Asia Pacific region extended their decline for the third consecutive season, taking a cue from the recession in American shares, it is feared that tariffs and government firing will stop economic growth in the US.
Money market
The Indian rupee became stronger than the greenback on Tuesday as the US dollar index fell to the lowest level in six months.
According to Bloomberg data, the local currency appreciated 12 money at 87.21 against the dollar. It ended at 87.33 on Monday.
The Indian unit opened four money less at 87.37 as traders were cautious about concerns over Tariff Outlook. Intrade rose 0.19% at a high level of 87.17 against the rupee against dollar.
Read more on markets by NDTV profit. (Tagstotransite) NSE (T) BSE (T) Nifty 50
