New Delhi [India], June 23 (ANI): Indian markets opened flat on Tuesday as domestic equity benchmarks commenced the trading session with minor losses, tracking a cautious trend across global markets.
The BSE Sensex opened at 76,953.63, down 140.44 points, or 0.18 per cent. Similarly, the NSE Nifty 50 slipped 34.05 points, or 0.14 per cent, to 24,068.85 in early trade.
Market analysts noted that despite the marginal decline at the opening, the broader structural factors supporting the domestic market remained steady.
Rajesh Palviya, Head of Research at Axis Direct, said, “Improved global sentiment following easing US-Iran tensions, softer crude oil prices, and continued resilience in domestic markets helped sustain the positive momentum. However, weakness in US technology stocks capped optimism, with the Nasdaq underperforming amid profit-taking in large-cap technology names.”
The Nasdaq underperformed, declining by 351.33 points, or 1.32 per cent, to settle at 26,166.60. The S&P 500 also fell 0.37 per cent, while Dow Jones futures were down 0.11 per cent.
Palviya further observed that Asian markets traded mixed on Tuesday morning, reflecting cautious global risk sentiment, while Brent crude remained below the USD 80 mark, a supportive factor for India’s macroeconomic outlook due to lower inflationary pressures.
The Nikkei 225 fell by 1,088.96 points, or 1.51 per cent, while the KOSPI declined sharply by 6.21 per cent.
Meanwhile, the Hang Seng Index slipped 1.20 per cent and the GIFT Nifty traded 0.14 per cent lower at 24,067.00. In contrast, the Straits Times Index bucked the trend and gained 0.23 per cent.
In the commodities segment, Brent crude remained below the USD 80 mark at USD 77.67, down 0.29 per cent. Gold prices also declined 1.32 per cent to USD 4,136.48, while WTI crude oil edged down 0.13 per cent to USD 73.77.
Providing a technical outlook for the near term, Palviya highlighted key support and resistance levels that traders should monitor closely.
“Technically, the Nifty has reclaimed the crucial 24,100 level, and the near-term bias remains positive as long as the index sustains above the 24,000 support zone. The immediate hurdle is placed in the 24,150-24,200 range, and a decisive breakout above this zone could trigger fresh short covering and pave the way towards 24,400,” Palviya added.
He said that on the downside, any breach below 24,000 could weaken the current momentum and drag the index towards the 23,900-23,800 range. Overall, the strategy remains to “buy on dips while the Nifty holds above the 24,000 mark.” (ANI)
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