The NSE Nifty 50, which settled nearly flat on Tuesday, faces key resistance at 23,000 levels, according to analysts. On other hand, the benchmark equity market index continues to see crucial support at 22,800, they added.

While the support is “placed at 22,800”, any decline below this level can trigger further correction, said Rupak De, senior technical analyst at LKP Securities. “Immediate resistance is placed at 23,000,” he added.

In the short term, the Nifty 50 is likely to stay in “sell-on-rise” mode as long as it remains below 23,150, he added.

Sideways trading is expected to continue if the index remains within the range of 22,800–23,100, according to Aditya Gaggar, director of Progressive Share Brokers Pvt. “A breakout on either sides of this range will be essential for determining the next directional move in the market,” he said.

For Bank Nifty, the resistance is placed at 49,340, said Hrishikesh Yedve, assistant vice president for technical and derivatives research at Asit C. Mehta Investment Intermediates Ltd.

“Sustaining above this level could extend the upmove towards 49,650–49,750, while strong support is placed at 48,500. Traders should closely monitor these levels for potential trading opportunities,” he added.

Market Recap

India’s benchmark equity indices ended marginally lower on Tuesday, managing to reverse steeper losses. Information technology and oil and gas stocks rallied, while consumer durables and autos faced selling pressure.

The Nifty 50 ended 14.2 points or 0.06% lower at 22,945.3, and the BSE Sensex closed 29.47 points or 0.04% lower at 75,967.39.

F&O Cues

  • Nifty February futures have decreased by 0.34% to 22,972, maintaining a premium of 27 points. The open interest for Nifty February futures has also declined by 2.4%.

  • Regarding Nifty options expiring on Feb. 20, the maximum call open interest is at 23,800, while the maximum put open interest is at 22,000.

FII/DII Activity

Foreign portfolio investors turned net buyers of Indian equities after nine straight sessions of selling as they mopped up stocks worth approximately Rs 4,786.6 crore.

Domestic institutional investors stayed net buyers for the 10th straight session as they bought equities worth Rs 3,072.2 crore, according to provisional data from the National Stock Exchange.

Stocks To Watch

  • Container Corp: The company awarded manufacture and supply order of Rs 690 crore to Braithwaite and co.

  • Ireda: The company’s subsidiary has received a registration certificate to commence business as a finance company at GIFT City.

  • L&T: The company has acquired balance 26% stake in arm L&T Special Steels and Heavy Forgings from Nuclear Power Corp.

Global Cues 

Stocks in the Asia-Pacific region fluctuated in early trade, even as the US President Donald Trump proposed to impose tariffs on automobile, semiconductor and pharmaceutical imports.  

Japan’s Nikkei was down 17 points, or 0.04% at 39,258, while South Korea’s Kospi fell 1.4%, or 40 points to 2,666 as of 6:50 a.m. Future contracts in China and Hong Kong hinted at a lower start.

Trump said he would likely impose tariffs on automobile, semiconductor and pharmaceutical imports of around 25%, with an announcement coming as soon as April 2. He did not specify whether the measures would target specific countries or apply to all vehicles imported to the US.

Elsewhere, officials from the US and Russia met for a first round of talks over the war in Ukraine, signalling the possibility of an end to the war.

Stocks in China ended lower on Tuesday, even as sentiment remained buoyant as President Xi Jinping met with tech leaders in a rare public meeting. 

A rally in chipmakers drove Wall Street to all-time highs. The S&P 500 and the Dow Jones Industrial Average advanced 0.24% and 0.02%, respectively. The tech-heavy Nasdaq Composite rose 0.07%.

The dollar index — which tracks the greenback’s performance against a basket of 10 leading global currencies — was 0.1% down at 107.04.

Money Market Update

The Indian rupee settled weaker on Tuesday, as it slipped by seven paise to close at 86.95 against the US dollar, according to data shared by news agency Bloomberg. The domestic currency had closed at 86.88 against the greenback on Monday.

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