Indian stock market traded lower in today opening as both Nifty and Sensex open in red. It comes two sessions solid rally ahead, and market participants are now digesting the cacophany on global markets and likely pricing in the Good Friday nearest holiday, which may lead light volumes in latter half of the session naturally.
Nifty Drops at Open:
The Nifty 50 dipped to 23,377 INDS f X-IELAMI FOLLOWIND GEMS OPENLIST)__Level Final BSE Sensex: The BSE index also started on a negative note at 76890.07, down by 154.22 points or 0.20%. Intensifying global factors: The downward turn is due to a cocktail of profit taking after recent gains that mix with uncertainty from abrold markets. Small moves for Asian markets but still the tariff mentality from North America and general global trade volatility weigh on sentiment throughout the invest world.
Critical Levels to watch:
According to analysts, Nifty should sub-resist in the range of 23,800-24,000 where call option writers have substantial open interest. Speculatively, strong support is found in the 23000 region and aggressive pen writing behavior warns of a defensive bullish stance at this time.
Nifty:
Focus technical levels for analysts from current-highs to immediate resistance 23800//24000- zone is a line of call writers hanging open interest On the downside, we see near term strong support at 23,000 but aggressive puts writing speak more bullish at this state.
India VIX Shows Stress Busting but Volatility Due soon: The VIX, a measure of volatility in Indian markets has backed off a smidgen now trading below 16. That said, anticipation of a fading VIX below 15 could lead to more range bound intraday volatility and potential for sudden price action as well.
Also check:- Indian Stock Market Witnesses Volatile Trading Session Amidst Global Cues
All Sector Performance: sector wise nasrift show mixed conditions in the initial hours of trade.
Few banking and financial stocks posted the first weakness, but others have been holding up better. With the individual stock, sector wise guidance could come from listening closely to Q4 earnings season that kicked off.
Investor Opinion: Various market experts listing that while there could be a mild correction or shallower consolidation of this current high due to global fateshing the domestic factors viz consumption, financials and healthcare still have a centre-stage. Some support could come later in the day with Foreign Portfolio Investors (FPIs) going from net sellers into net buyers for some sessions.
