Among specific stocks, Manappuram, National Aluminum NSE 4.31%, Hindalco, Jubilant Foodworks NSE 3.09%, Tata Steel, Godrej Consumer Products, State Bank of India NSE 1.57%, ICICI Pru, SBI Life, and DLF trade setup was bullish but weak. Was. Reddy’s, Glenmark, Aurobindo Pharma, Lupine, Cipla, Axis Bank, Biocon, Zeel, BHEL, Grasim, SRF, GAIL, and Cholamandalam Investment, and Finn.
Nifty opened positive on Tuesday but failed to cross the immediate hurdle at 15,900 level and moved to 15,700 level. It remained strong in the first few hours of the session, but then saw a sharp sell-off from its previous day’s lows and closed the day with a loss of around 80 points. However, it saw some correction in the last hour but formed a bearish candle on the daily scale and erased all gains of the previous three sessions. Now, to see a bounce towards the 15,900 and 15,962 levels, it needs to be placed above the 15,750 level, while on the downside, support is present at the 15,700 and 15,600 levels.
India VIX rose 6.29 percent to 13.23 from 12.45. An increase in volatility over the past two sessions has led to a decline in profit-booking, but overall lower volatility indicates that buying interest in meaningful support areas may re-emerge.
Bank Nifty opened positive above 35,000 level but could not sustain higher levels. Subsequent buying interest was missing and the banking index fell to the 34,700 zones. It closed below its 50 DMA, down by around 150 points. It formed a bearish candle but continued to make higher levels from the last four sessions. Now, it needs to hold above 34,750 levels to move towards 35,250 and 35,500 levels, while on the downside support is present at 34,500 and 34,350 levels.