The Indian equity benchmarks ended in the red for another session on Tuesday due to indecision in the market momentum. Analysts expect Nifty to witness remain on edge amid geopolitical uncertainties regarding the Iran war and mass selloffs in the IT sector.
"Indian equities are expected to witness a mixed trend amid geopolitical uncertainties in West Asia. Although ceasefire negotiations continue in Qatar, recent military strikes have dampened expectations of a durable truce, keeping investor sentiment cautious," highlighted Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services.
Accordingly the immediate support for Nifty is placed in the 23,730-23,700 zone. On the flipside, immediate resistance for Nifty is placed in the 24,020-24,050 zone.
If the benchmark fails to sustain above the immediate support levels, the downtrend may continue towards 23,550, followed by 23,400 in the short term, as per Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.
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"A small bearish candle on daily charts and non-directional intraday activity on intraday charts indicate indecisiveness between the bulls and the bears," said Shrikant Chouhan, Head Equity Research at Kotak Securities. He added that the intraday market texture is non-directional and traders may be for either side to make a breakout.
Nifty Bank
The Bank Nifty index also appears to be weak on the technical charts as it has formed a bearish candle after closing lower for the second consecutive session, according to Shah from SBI securities.
"Going ahead, the immediate support for Bank Nifty is placed in the 57,100-57,000 zone. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 56600, followed by 56200 in the short term. On the upside, the immediate resistance for Bank Nifty is placed in the 58,000-58,100 zone," he added.
Market Recap
Nifty 50 continued its losing streak to settle 80 points lower or 0.34% at 23,865, while Sensex closed 0.33% lower. Nifty IT was the top laggard, while Defence was the top gainer.
Today also marked Nifty's weekly expiry and the close of the June quarter, adding an extra layer of volatility to a session already trying to shake off Monday's selloff.
Nifty IT index hit its lowest level since April 2023 during the trading session on Tuesday, June 30 at 26,425 points. The index was down more than 42% from record highs and 30% since February 2026, while all its constituents remained in red as Tata Consultancy Services, Infosys and HCLTech touched multi-year lows.
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