Nifty 50 delivered a range-bound performance, closing relatively flat around the 23,907 amid lingering US-Iran geopolitical tensions, the index opened with a mild gap-down before oscillating between an intraday low of 23,858.25 and a high of 23,983.20. Market action remained strictly stock-specific; gains in metal and power heavyweights like Hindalco and NTPC helped cushion the index, while pressure on HDFC Bank, following reports of an internal vigilance probe, and a slide in Coal India due to a government OFS stake sale kept the upside capped. Continuous weakness in INR also weighed on the index, as INR again fell to the low of Rs96.170. Continued withdrawal by FII also weighed on Nifty50.

Bank Nifty index had a subdued session, closing lower by 239.05 points at 54,853.85 After touching the intraday high of 55,221.70, a wave of profit-booking swiftly stalled the upward momentum near the key 55,500 resistance zone. The decline was primarily driven by heavyweights in the private banking sector, where HDFC Bank (down ~2.6%),  and ICICI Bank (down 0.50%) faced severe pressure amid global macro-induced risk from US-Iran geopolitical tensions. 

Nifty Energy outperformed the Nifty50 indices, surging 721.15 points to close in the green zone at 41,535.75. After opening with a minor gap-down at 40,562.50 due to lingering risk-off sentiment from recent US military strikes in Iran, the index hit an intraday low of 40,509.50 before power and utility triggered a massive wave of buying. The intraday recovery pushed the index to a high of 41,638.30, heavily supported by substantial gains in power-grid utilities and conventional energy providers like Power Grid Corporation and NTPC. This aggressive buying in power counters comfortably offset the downward pressure seen in oil exploration major ONGC and Coal India as it is burdened by a government Offer for Sale stake dilution, and ultimately making the energy sector a market resilience during an otherwise flat and volatile trading day.

NIFTY DAILY CHART

Nifty traded with subdued momentum,and couldn’t manage to reach above the key resistance of 24,000 level. But the index did respect the 23,800 level and managed to close to the level of 23,907.15. Thus the index would only show a one sided rally, if it manages to sustain above the level of 24,000 then only the index would manage to continue its positive bias. However, if the index fails to gain the mark of 24,000, then we may see the index further again retracing below the mark of 23,800.

Disclaimer:

Investment in securities markets is subject to market risks. Please read all related documents carefully before investing. (Our SEBI Reg. No. INH000010335)

For Full Disclaimer:Click Here