The Indian stock market has ended its fourth consecutive day in the red, with the Nifty managing to stay above 25,800. This comes as global markets continue to struggle, impacting investor sentiment and leading to cautious trading. Despite a brief period of gains during the day, selling pressure in the final hours pushed the indices back down.
The Sensex closed 77.84 points lower at 84,481.81, while the Nifty ended just 3 points down at 25,815.55. The BSE Midcap index was flat, but the smallcap index fell by 0.3 percent. Sector-wise, realty and IT indices saw gains of 0.3 and 1 percent, respectively, but auto, media, pharma, oil & gas, and capital goods all saw declines ranging from 0.3 to 1 percent.
Antony Waste Handling saw a 20 percent surge after its subsidiary secured two contracts worth over Rs 1,330 crore. Indian Oil Corporation fell 4 percent as its shares traded ex-dividend. Denta Water shares dropped 3 percent despite winning water infrastructure projects, and GE Vernova T&D shares also fell 3 percent.
The Nifty remains weak, failing to reclaim the 200-DMA on the hourly chart. The trend continues to be bearish, with the 25,700 level looking vulnerable to a breakdown. A decisive breach below this level could trigger a further correction. On the upside, resistance is around 25,900.
The momentum indicator RSI is in a bearish crossover, indicating weakening momentum. With over 270 stocks hitting 52-week lows, the market sentiment remains cautious, influenced by global cues and currency concerns.
Given the prevailing market conditions, a stock-specific trading approach is advisable, with an emphasis on disciplined risk management and controlled position sizing. The Nifty holding the crucial support near 25,700 is a key level to watch, as a breakdown could lead to further correction.
Remember, this is a perspective on current market trends and not a prediction of future performance. It's essential to do your own research and consult with certified experts before making any investment decisions.
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