Indices: Stock market update: Nifty Bank index falls 0.46% in a weak market
India 10-year bond yield rose 0.05 per cent to 6.03 after trading in 6.02-6.04 range.
The Nifty Bank index was trading 0.46 per cent down at 54822.95.
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NEW DELHI: The Nifty Bank index traded negative around 10:09AM(IST)on Thursday in a weak market.IndusInd Bank Ltd.(up 3.21 per cent), Federal Bank Ltd.(up 0.5 per cent) and IDFC First Bank Ltd.(up 0.02 per cent) were among the top gainers.Axis Bank Ltd.(down 0.89 per cent), HDFC Bank Ltd.(down 0.8 per cent), Kotak Mahindra Bank Ltd.(down 0.77 per cent), ICICI Bank Ltd.(down 0.76 per cent) and Punjab National Bank(down 0.65 per cent) were the top losers on the index.The Nifty Bank index was down 0.46 per cent at 54822.95 at the time of writing this report.Benchmark NSE Nifty50 index was down 215.55 points at 24597.9, while the BSE Sensex was down 710.32 points at 80886.31.Among the 50 stocks in the Nifty index, 7 were trading in the green, while 43 were in the red.Shares of Vodafone Idea, Tata Teleservices, NTPC Green Energy, YES Bank and NALCO were among the most traded shares on the NSE.Shares of VRL Logistics, Stampede Cap(DVR), ABB Power, SecMark Consultancy and Silgo Retail hit their fresh 52-week highs in today's trade, while Aditya Birla Retail, R K Swamy, Lakshmi Precis, Shah Alloys and Supreme Infra hit fresh 52-week lows in trade.
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Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex breached the crucial support level of 82,000, and post-breakdown, the selling pressure intensified. On daily charts, it has formed a long bearish candle, which supports further weakness from the current levels. 'We are of the view that the short-term market texture is weak, but a fresh selloff is possible only after the dismissal of 81,500 or below the 20-day SMA (Simple Moving Average). Below this level, Sensex could slip to 81,100 - 81,000. On the other hand, above 81,800, we could expect a quick intraday pullback rally up to 82,000 - 82,150,' said Shrikant Chouhan, Head Equity Research, Kotak Securities. Nifty Open Interest (OI) data shows the highest concentration on the call side at the 25,000 and 25,200 strike prices, indicating strong resistance at these levels. On the put side, significant OI build-up is observed at the 24,800 and 24,700 strike prices, marking these as key support zones, said Hardik Matalia, Derivative Analyst at Choice Broking. Nifty 50 ended the session at 24,888.20, down 1.01%, snapping recent gains and forming a strong bearish candle. 'Nifty 50 index faced rejection near the 25,200 zone and slipped below the 9-EMA, though it continues to hold around the 20-Day SMA. This marks a pause in the ongoing uptrend, hinting at possible consolidation or mild profit booking ahead. The higher highs and higher lows remain intact on the broader time frame, but the bearish engulfing pattern raises near-term caution,' said Om Mehra, Technical Research Analyst, SAMCO Securities. The RSI has dropped from 60 to 55, indicating a decline in momentum. The Average True Range (ATR) has risen slightly, indicating an increase in intraday volatility, he added. According to Mehra, the immediate support for Nifty 50 remains at 24,800; a break beneath this zone could invite a sharper slide, whereas 25,100 remains a formidable ceiling on the upside. Dr. Praveen Dwarakanath, Vice President of said that the Nifty 50 has formed a bearish candle with a spinning top type candle near its resistance of 25,200 level, indicating weakness in the index. 'The index took support at the 24,800 level and recovered from its intraday low. However, the weakness in the index was very significant. A closing well below the Upper Bollinger band is considered to be a weakness in the index. The momentum indicators are also dropping down from the over-bought region adding to the weakness in the index to continue. The RSI negative divergence near the resistance of 25,200, suggests a likely fall towards the immediate support at 24,500 levels,' said Dwarakanath. VLA Ambala, Co-Founder of Stock Market Today expects Nifty 50 to find support between 24,750 and 24,670 and meet resistance near 25,020 to 25,100 in today's intraday session. Bank Nifty index declined 377.20 points, or 0.67%, to close at 56,082.55 on Thursday, extending a corrective decline for the third session in a row as it formed a bear candle with a lower high and lower low highlighting continuation of profit booking after recent strong up move. 'Bank Nifty posted breakout above the recent 5 week broader consolidation range of 56,000 - 53,500 and rallied to a fresh all time high this week. However, profit booking at higher levels saw the index give up its gains and closed Thursday session around the recent breakout area of 56,000. Bank Nifty index is currently trading above its short- and long-term moving averages signaling overall positive bias,' said Bajaj Broking Research. The last four sessions profit booking have helped the index to cool off the overbought condition. 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