In New Delhi on April 6, stock markets opened lower on Monday, mirroring global uncertainty driven by geopolitical tensions. The BSE Sensex fell 112.95 points (0.15%) to 73,206.60 at 9:16 am, while the Nifty 50 declined 16.35 points (0.07%) to 22,696.75.
Among Nifty stocks, gains were seen in Wipro, Hindalco Industries, Titan, and Trent, whereas Kotak Mahindra Bank, InterGlobe Aviation, Tata Steel, and Bajaj Finance were among the laggards. Broader markets also remained weak, with midcap and smallcap indices slipping around 0.5% each.
Market Sentiment Remains Fragile
Market expert Ajay Bagga said investor sentiment remains fragile due to geopolitical developments, particularly tensions involving Tehran. He noted that although some Asian markets showed resilience, domestic markets are under pressure due to heavy foreign institutional investor (FII) positioning. He also highlighted that uncertainty around developments in the Strait of Hormuz could keep markets volatile, though any positive updates may trigger a sharp rebound.
Technical Outlook and Key Levels
Shrikant Chouhan observed that despite sectoral gains, overall market trends remain weak, with benchmark indices showing a negative pattern on charts. He added that key support for Nifty lies in the 22,400–22,500 range, and a breach below this could lead to further downside. For Bank Nifty, 50,500 remains a crucial level, with potential upside if sustained above it.
Meanwhile, Sunil Gurjar pointed out that the Nifty has formed a hammer pattern near support levels, indicating buyers are attempting to stabilize the market. He added that a bounce from current levels could push the index higher, while a breakdown may invite renewed selling pressure.
( Inputs From ANI )
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