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The Indian stock markets chose caution over chaos on Wednesday, opening flat as global cues sent mixed signals and domestic sentiment leaned on the nervous side. The Nifty 50 dipped 54.65 points or 0.22 per cent to 24,281.30 at the opening bell, while the BSE Sensex slipped 163.47 points or 0.20 per cent to settle at 80,124.91. As the market warmed up, 828 stocks showed green, 1,224 stocks turned red, and 137 stocks just sat there—unchanged. Early gainers included Dr Reddy’s Labs, L&T, Cipla, Tata Consumer, and TCS. Meanwhile, Bajaj Finserv, Bajaj Finance, Trent, Tata Motors, and SBI led the losers’ list.
Yesterday’s Fireworks Fizzled: Nifty Rallies, Then Rests
Tuesday’s session teased traders with a 42-point gap-up and a mid-day rally of 82 points. But the excitement was short-lived. By the end, Nifty clung to a modest 7.45-point gain, wrapping up the day flatter than a day-old soda.
Resistance At 80,500: Bulls Can See It, But Can’t Break It
The Sensex seems stuck at a stubborn ceiling—80,500. “Options data reflects growing caution. Call writers now dominate, with significant open interest at the 24,500 strike (1.65 crore contracts), establishing a strong resistance,” noted Varun Aggarwal, MD of Profit Idea. It’s like bulls are pushing against a locked door, and bears are holding the key—for now.
Technical Breakout? Nifty’s Got Moves, Say Analysts
Not all hope is lost in the bull camp. Way2Wealth analysts spotted a potential breakout formation that may change the game. “Nifty remains bullish across daily, weekly, and intraday timeframes. It has witnessed a breakout of a falling trendline, which converged with a double bottom breakout—indicating a potential major trend reversal,” the firm noted in its report.
Bank Nifty Sends Mixed Signals: Hammer Time Or Trouble Ahead?
The banking index isn’t making things easier. “The candlestick pattern indicates that some bearishness may continue in today’s session,” Way2Wealth added, pointing to a bearish hammer pattern formed in Tuesday’s trade. Traders now wait to see whether Bank Nifty hammers out gains—or just hammers sentiment.
(With Inputs From ANI)
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