Pre-market action: Here’s the trade setup for today’s session
The Indian stock market remained mostly muted on Tuesday, with Sensex and Nifty erasing early gains to close in the red after a sharp rally in the earlier session. Sensex lost 70 points to close at 76,766, while Nifty 50 fell nearly 11 points to end the session at 23,985. Broader markets remained mixed, with Nifty Smallcap 100 closing in the red and Nifty Midcap 100 index ending in the green.
STATE OF THE MARKETS
Tech View: Going forward, a decisive move above Tuesday’s high of 24,041 would confirm renewed buying momentum and could pave the way for an up move towards the 24,170–24,250 zone in the coming sessions, said Bajaj Broking. It added that failure to surpass this level is likely to keep the index in a consolidation phase.
“On the downside, a breach below Monday’s gap area (23,823–23,891) would signal weakening momentum and could trigger a corrective move towards the 23,500–23,600 support zone. This area is significant as it represents the confluence of the trendline support connecting the April and June 2026 lows, the bullish gap formed on 15 June 2026, and the 61.8% Fibonacci retracement of the recent up move from 23,070 to 24,530,” it further said.
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India VIX: India VIX, which is a measure of the fear in the markets, inched down slightly to settle at 12.56 level.
FII/DII action
Foreign portfolio investors net sold shares worth Rs 2,329 crore on Monday. DIIs, meanwhile, were net buyers at Rs 1,688 crore.
Rupee
The Indian rupee stayed on an upward track for the third straight session and ended 11 paise higher at 95.88 against the US dollar on Tuesday, supported by lower crude oil prices amid signals of easing West Asia crisis. “The easing in crude prices has improved sentiment for the domestic currency by reducing concerns over India’s import bill and inflation outlook. Additionally, FII selling pressure remained limited in the domestic capital markets, providing further support to the rupee. Going forward, the rupee will continue to take cues from crude oil prices, the US Dollar Index, FII flows, and the upcoming US Federal Reserve policy decision. Technically, the rupee is expected to trade in the 95.50–96.25 range in the near term,” said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
