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Volatile Thursday; Nifty holds 24,300 for third consecutive session, Sensex below 79,900

Indian equity indices ended on a marginally lower note on Thursday. Nifty 50 fell 8.50 points or 0.03% lower, than its previous close, to settle the day’s trading at 24,315.95. Similarly, the BSE Sensex closed 27 points or 0.03% lower, than its previous close, at 79,897.34. Tata Consumer Products, Bajaj Finance, M&M, Divi’s Laboratories, and NTPC were the significant losers in Thursday’s trade.

Sectoral Index

Bank Nifty fell 81 points or 0.16% to end the session at 52,270.65. Nifty Midcap 100 advanced 227.10 points or 0.40% closing the day’s trading at 57,148.25. In the broader markets, smallcap and midcap stocks closed in the green.

Sectoral draggers

Among the sectoral indices, Nifty Realty weighed on the indices. However, Nifty Oil & Gas held indices.  

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Expert’s take

Nifty witnessed a volatile day of trade today. It opened in the positive and witnessed a sharp fall. it recovered during the second half to close marginally in the red down 8 points. “On the daily charts, we can observe that dips towards the lower boundary 24100 are being bought into suggesting strong support at the 24150 – 24100 zone. Going ahead we expect the range-bound price action to continue. Ideally dips towards, the support zone should be used as a buying opportunity,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

“The main indices traded in a narrow range, struggling to justify its premium valuation ahead of the Q1 earnings season, which is forecast to be subdued,” said Vinod Nair, Head of Research at Geojit Financial Services. However, the broader market is exhibiting marginal momentum, led by a shift in FIIs inflow and budget expectations. Attention is now focused on the US inflation data, which is estimated to moderate and positively influence the Fed’s interest rate decisions, said Nair. 

Bank Nifty 

“The Bank Nifty remained rangebound during the day. The index is trading near a crucial support zone of 52,000-51,800. If it manages to hold this level, it could witness a pullback rally towards 52,500. A sustained move above 52,500 will open up the gates for 53,000. However, if it fails to hold the support at 51,800, it could decline further towards the 51,300-51,000 zone,” said Rupak De, Senior Technical Analyst at LKP Securities.

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