Mumbai: The Indian stock market closed on a mixed note on Tuesday, with the Sensex registering a slight gain while the Nifty50 ended in the red.
The BSE Sensex rose 147.71 points, closing at 74,602.12, whereas the NSE Nifty50 slipped 5.80 points to settle at 22,547.55.
Among Nifty-listed companies, 19 stocks advanced while 31 declined. The top gainers of the session included Bharti Airtel, M&M, Bajaj Finance, Nestle India, and Titan. On the other hand, Dr. Reddy's, Hindalco, Trent, Hero MotoCorp, and Sun Pharma were among the top losers.
Hrishikesh Yedve, AVP - Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd. (A Pantomath Group Company), analyzed the market trend, stating, "Technically, on the daily chart, Nifty has formed an inverted hammer candlestick pattern, indicating buying interest around 23,500 levels. As long as the index respects 23,500 levels, a pullback rally towards 22,700-22,800 could be possible."
He added, "On the higher side, 22,700-22,800 will serve as a solid resistance zone. Sustenance below 22,500 levels could trigger fresh selling pressure. Traders should monitor these levels for potential trading opportunities."
Yedve also mentioned that bank nifty opened on a marginally positive note, witnessed consolidation in a narrow band, and concluded the session lower at 48,608.
On the daily chart, Bank Nifty has formed a red candle with a big upper shadow, reflecting selling pressure on higher levels.
He said, "On the downside, Bank Nifty will find strong support around 47,840, while on the upside 49,650 will remain a challenging barrier for the index. Traders should closely watch these levels for potential trading opportunities."
Indian equity markets faced continued pressure as both the Nifty 50 and BSE Sensex extended their losses, mirroring investor caution amid a challenging global economic environment.
With market volatility easing, investors are advised to closely track key technical levels for further directional cues in the coming sessions. (ANI)