Analysts say a close above 24,900 could spark the next big move.
Indian equity markets open on a subdued note, with the Nifty index hovering below the 25,000 level.
At 09:45 a.m. IST, the Nifty 50 traded flat at 24,976, while the Sensex gained 19 points at 81,664. Broader markets were also lacklustre, with the Nifty Midcap and Smallcap indices trading flat.
The retail sentiment on Stocktwits for Nifty remained ‘neutral’ at market open.
Stock Watch
Sectorally, it’s a mixed bag. FMCG, technology, and consumer durables saw some buying, while financials, pharmaceuticals, and metals saw some selling pressure.
Bharti Airtel was the top Nifty gainer, rising over 1.5% after it discontinued its ₹249 prepaid plan from midnight, following Jio’s moves.
NTPC too gained over 1%. NTPC Green Energy has begun commercial operations for Khavda-I Solar PV project and commissioned a hybrid project in Gujarat.
Nazara Tech fell over 6% and Delta Corp was down 1% on news that the Indian government is looking to ban online games played with money. The proposed Online Gaming Bill 2025 is likely to be tabled in the Parliament today.
Aurobindo Pharma fell over 3% on reports that it had emerged as the frontrunner to acquire Prague-based Zentiva for $5 billion.
Hindustan Aeronautics (HAL) shares rose 2% after the cabinet cleared a ₹62,000 crore deal to supply 97 LCA Mark 1A fighter jets, marking one of its largest defense contracts.
Lloyds Metals gained over 1% on securing the bid for the Tandsi-III and Tandsi-III Extension coking coal mines.
And GMR Power rose 2% ahead of its board meeting this week to mull fundraising proposals of up to ₹3,000 crore.
Stock Calls
Arun Mantri flagged some railway stocks that look good for the short-term. He recommends keeping IRFC and IRCON on the watchlist as their technical charts are oversold and they look poised for a bounce back.
Vinayak Gautam has flagged three stocks with a one-week timeframe.
HAL – Buy at ₹4,452 for a target price of ₹4,650, with a stop loss of ₹4,400
Bajaj Auto: Buy at ₹8,795 for a target price of ₹9,000, with a stop loss of ₹8,700.
Dynamic Cables: Buy at ₹400 for a target price of ₹430, with a stop loss at ₹390.
Markets: The Road Ahead
From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.
Varunkumar Patel noted that Foreign Institutional Investors (FIIs) sold nearly ₹630 crore worth of equities in cash, while in F&O, they reduced net index call shorts. Positioning shows some caution but no aggressive selling pressure. Domestic institutions continue to provide ample liquidity, comfortably absorbing FII selling pressure.
This week is crucial for trend formation, he added. A daily close above 24,900 on Nifty could act as a breakout trigger and decide the next leg of movement. Below this, expect choppiness and range-bound action. Patel recommended a ‘wait and watch’ stance till the weekend. There’s around a 65% probability of Nifty closing above 24,900 on Wednesday, according to him.
Prabhat Mittal identified Nifty support at 24,880 with resistance at 25,120. For the Bank Nifty, he sees support at 55,500 and resistance at 56,200.
Global Cues
Globally, Asian markets traded mixed, while crude oil prices edged lower as investors keep an eye on any resolution developments for the Russia-Ukraine conflict.
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