Indian indices ended flat on Tuesday, with initial gains offset by profit-booking. Nifty closed at 25,940.4, up 0.01%. Analysts see a range-bound movement between 25,800 and 26,000, with support at 25,600.
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Nifty ended about 39 points lower on Tuesday to form a Shooting Star pattern on the daily chart to indicate strong possibility of further weakness from current levels.
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The NSE Nifty 50 index fell 0.38% to 21,771, while the S&P BSE Sensex settled 0.49% lower at 71,731. Both indices rose about 0.5% each during the session, before reversing gains in the final hour of the trading session.
"Prior to the FOMC meeting, the index faced selling pressure from higher levels but successfully held the 18,940 support level. Immediate resistance on the upside is identified at 19,100, and a breakout above this level may trigger short-covering moves toward the 19,250-19,300 range
The budget day saw a highly volatile market, with the NSE witnessing a fall, while BSE closing at a gain. Even today, this momentum is expected to continue , , thursday, stock market update, share market today, stock market today, stock prices today, share prices today, bombay stock exchange, bse nse, bse sensex, national stock exchange, nse nifty, latest updates, morning update
The domestic indices slipped today ahead of the monthly expiry of derivatives and Union Budget presentation, due on February 1. Further, short-seller Hindenburg Research's report on Adani Group companies pulled the indices lower.
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Indian benchmark indices extended gains on Tuesday, led by strong gains in index heavyweights ITC and Reliance. The broader markets were also up in sync with the benchmark indices.
The overall chart pattern indicates small upside for the short term, but the higher possibility of Nifty reversing down from 17,700-17,750 levels in the next couple of sessions. Immediate support is placed at 17,450 levels, says Nagaraj Shetti of HDFC Securities.
Nagaraj Shetti of HDFC Securities feels a sustainable move above the immediate resistance of 17,800 could open strong upside bounce towards 18,000 mark.