Summary: Nifty 50 consolidated around 24,200 levels today as FII selling pressure continued. Global cues remain mixed pending US inflation data.
Key Highlights
- Banking Sector: HDFC and ICICI dragged the index down by 0.8% collectively.
- IT Resilience: Mid-cap IT stocks showed strength, likely a defensive play against broader volatility.
- Currency: INR hit a fresh low against the USD (84.35) due to oil price fluctuations.
Technical Outlook
The index has formed a Doji Candle on the daily charts, indicating indecision. Immediate support lies at 23,900, while resistance is strong at 24,500. Traders are advised to maintain a "Sell on Rise" strategy until FII flows reverse.
Stock in Focus: Tata Motors
Shares dipped 2% following the monthly sales data release, which showed a slowdown in the PV (Passenger Vehicle) segment. However, JLR numbers remain robust, offering a potential value buying opportunity near ₹800 levels.