Markets watch for the Trump–Putin meeting tomorrow that could impact Russia–Ukraine peace talks. Analysts see 24,600 as a make-or-break level for Nifty ahead of weekly expiry volatility.
Caution prevailed on Dalal Street with the Indian equity markets trading in a tight range at open. The Nifty index held 24,600 as it heads into the weekly expiry session and as investors await key economic data, including the WPI inflation release at noon.
The meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska tomorrow could be a key turning point for Russia–Ukraine ceasefire talks, with markets watching for any breakthrough.
At 09:40 a.m. IST, the Nifty 50 traded flat at 24,621, while the Sensex gained 76 points at 80,616. Broader markets outperformed, with the Nifty Midcap and Smallcap indices gaining 0.2%.
The retail sentiment on Stocktwits for Nifty has moved from‘bullish’ to ‘neutral’ at market open.
Stock Watch
Sectorally, barring some weakness in select financials, the rest of the indices traded in the green, led by media and real estate.
Infosys was among the top Nifty gainers, rising over 1%, after it acquired a 75% stake in Australia-based Versent Group, for A$233.25 million.
Muthoot Finance surges to a record high on strong June quarter earnings performance. Jefferies maintains a Buy rating and revised target price to ₹2,950, indicating an 18% upside.
Other earnings movers include Pfizer that surged 6%, and Vishal Mega Mart, Jubilant Food rising 3%.
ICICI Bank traded subdued after revising its minimum account balance requirements lower to ₹15,000 for metro and urban areas.
RVNL rose 2% on securing a ₹91 crore order from Southern Railway for video surveillance at 484 stations.
Watch out for IOC, Amara Raja, Ashok Leyland, AstraZeneca, Glenmark Pharmaceuticals, Vodafone Idea, Inox Wind, Patanjali Foods, Swan Energy, Hindustan Copper, Inox Green Energy, IRB Infrastructure, among others, as they report quarterly earnings today.
Markets: The Road Ahead
From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.
Arun Mantri noted that Nifty is at make or break levels now ahead of the Trump and Putin meet on August 15. He believes that the index has to sustain above 24,600 again to carry the momentum. It has now built 24,350-24,400 as a strong base and may not be broken until some negative cues emerge from the near term.
Varunkumar Patel noted that Foreign Institutional Investors (FIIs) sold over ₹3,000 crore worth of equities in the cash market. In F&O, they cut down on Nifty shorts while adding negligible Bank Nifty shorts but the positioning remains cautious overall.
He added that despite strong Domestic Institutional Investor (DII) liquidity cushioning declines, the Nifty is likely to remain range-bound between 23,750 and 24,900 in the near term. And the weekly expiry could add extra volatility.
Prabhat Mittal identified Nifty support at 24,480 with resistance at 24,820. For the Bank Nifty, he sees support at 54,800 and resistance at 55,500.
And Ashish Kyal said that if prices manages to sustain above 24,670 for 15 minutes, then it could provide a scalping opportunity for a move to 24,728 Gann level followed by 24,750. Support is seen near 24,540, and if the index falls below this, then sideways action is likely to continue.
Global Cues
Globally, Asian markets traded mixed, while crude oil prices extended declines ahead of the scheduled meeting between the US and Russia on August 15.
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