Nifty futures closed negative at 15,777 levels, down 0.64%. Among specific stocks, the trade setup was bullish in Tata Power, HPCL, Tata Consumer, Nestle India NSE 1.59%, NTPC, Torrent Power NSE 1.14%, Dabur, HUL, Infosys and McDowell but Adani Ports, Adani Enterprise, LIC Housing I was weak. , BHEL, Jindal Steel NSE -3.59%, Voltas Indigo, Hindalco, Vedanta, JSW Steel, Canara Bank NSE -1.43%, Exide Industries NSE -1.16%, TVS Motor, and Havells.
Nifty opened in negative on Wednesday amid weak global cues and faced weakness from early levels. There was a slight recovery in the middle of the session, but the bears took over and ended the session with a loss of around 100 points. Technically, the index formed a bearish candle on the daily scale and erased all gains from the past few sessions. Now, to see a bounce towards the 15,900 and 16,000 levels, it needs to be placed above the 15,750 level, while on the downside, support can be seen at the 15,700 and 15,600 levels.
India VIX rose 1.82% to 14.86 from 14.60. For the past six weeks, the scale of fear was falling gradually and came to the level of February 2020 before seeing this spike. Low volatility indicates an overall bullish market bias, but a small jump in the VIX could signal the market to be somewhat volatile.
Bank Nifty opened negative and moved from negative to range-bound manner throughout the session. It formed a bearish candle and an outside bar on a daily scale and got trapped in a range with limited upside. It will now need to cross the 35,000 level to move towards the 35,250 and 35,500 levels while support on the downside is present at the 34,750 and 34,500 levels.
Japan’s benchmark Nikkei index fell lower on Wednesday as chip-related stocks tracked overnight weakness in US peers, although hopes of a vaccine-driven domestic economic recovery lifted cyclical stocks.
The Nikkei stock average fell 0.51 percent to end at 29,291.01, while the broader top was up 0.02 percent to 1,975.86, backed by Toyota Motor as the automaker hit another record high.