Nifty futures ended negative at 15,667 levels, down 0.64%. Among specific stocks, Tata Power NSE 6.49%, REC, PFC, POWERGRID, NTPC, Titan, Asian Paint, Apollo Hospitals, and HCL Tech saw a bullish trade setup, but Petronet, Nalco, Chola Finance, Voltas, GAIL, M&M Financial I was weak. , Federal Bank NSE -1.97%, PNB, Sun TV, Havells and SBI.
Nifty opened positive on Wednesday and after making another record high of 15,800, it saw a sharp profit-booking towards the level of 15,566. Despite Nifty touching a new high, the bears took over the market and the index closed the day with a fall of nearly 100 points.
India VIX fell 3.07% from 15.22 to 14.75 level. The fear gauge is close to its lowest level in the last 17 months since February 2020 and a falling VIX could make the market favorable for a buy-on-fall strategy.
Bank Nifty opened positive but fell to 34,641 levels. Banking stocks initially gained some strength, but weakness closed the index with a fall of about 285 points. It formed a bearish candle with a long upper shadow on the daily scale and continued to form lower highs since the last three sessions. It now needs to hold above 34,750 levels to see a bounce-back at 35,250 and 35,500 levels, while on the downside support is present at 34,500 and 34,000 levels.
Nikkei closed down 0.3%; Japan shares cautiously lower ahead of US inflation data
The Nikkei stock average ended 0.35 percent lower at 28,860.80, while the broader top’s closed 0.28 percent lower at 1,957.14.