Stories
Nifty Outlook: Busy Sensex Expiry Ahead As Momentum Falters
- •Thursday features a busy Sensex expiry with focus shifting towards specific stocks amid high-impact news flows and lack of follow-up buying.
- •Primary market activity is buzzing with four IPOs opening for subscription to raise over 8000 crore rupees alongside the Jio Platforms IPO price band announcement.
- •Corporate earnings season is in full swing with major companies including Tata Technologies, Tech Mahindra, and Wipro releasing quarterly results.
- •Nifty faces crucial resistance in the 22750 to 22800 zone while finding a key downside floor at the 22550 level.
- •Nifty Bank remains rangebound between 55000 and 55500, requiring a decisive breakout to trigger a broader market trend.
Key Questions Answered
The Nifty found a floor at the 22,550 level, which is the most crucial downside support to watch. On the upside, the 22,750 - 22,800 zone could present supply, while a decisive breakout above it could open the door towards the 23,000 mark.
Market participants are digesting key developments including the Fairfax-IDBI Bank deal, primary market activity featuring four IPOs raising over ₹8,000 crore, and the price band announcement for the mega Jio Platforms IPO. Additionally, extensive corporate earnings reports from numerous companies will impact market movement.
The Nifty Bank index has been finding supply near the 55,500 mark while managing to defend support above 55,000. Fresh call writing at 55,500 and 56,000 indicates hurdles on the upside, whereas breaking below the 54,900 - 54,800 immediate support zone could trigger further selling toward 54,400.
