The NSE Nifty 50 is expected to consolidate further with a "positive bias", according to analysts from Bajaj Broking Market Research.
The Nifty formed a doji candle on the daily chart, signalling market indecision, which may stem from traders exercising caution regarding the US trade policy negotiations and the uncertainty that comes from it. They may also be adopting a wait-and-watch attitude towards key corporate earnings, according to Rajesh Bhosale, equity technical analyst at Angel One.
The index finds strong support at 25,300–25,250 and resistance at 25,500–25,600, the analyst said.
Mandar Bhojane, technical analyst at Choice Broking, identified immediate support at 25,222 and 25,120 with resistance at 25,500-25,750.
Bhosale recommended to traders to watch the fast-moving consumer goods sector, saying that it may see "continued follow-through" in the coming sessions.
The Bank Nifty formed a doji candle, signaling extension of consolidation amid stock-specific action, analysts from Bajaj Broking Market Research said. Key support for the index was identified in the 56,000–55,500 area.
"We expect index to extend consolidation in the range 56,000-57,500 in the coming sessions. Only a move above 57,500 will open further upside towards 58,200-58,500 levels in the coming weeks," the firm said in its analysis.
Market Recap
India's benchmark indices ended flat on Monday, ahead of US President Donald Trump's tariff announcements expected later in the day.
The NSE Nifty 50 ended 0.30 points flat at 25,461.30, while the BSE Sensex closed 9.61 points flat at 83.422.50. During the day, Nifty fell 0.21% to trade at 25,407.25 and Sensex declined 0.20% to 83,262.23.
Currency Update
Rupee closed 46 paise weaker against US Dollar at 85.86, which is the lowest close level since June 25. The local currency had closed at 85.40 against the greenback on Friday.
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
