Stock Market LIVE Updates: GIFT Nifty indicates a firm opening; US, Asian markets gain

On the weekly expiry session, the benchmark index Nifty moved in a remarkably tight band, reflecting a day dominated by consolidation. The index oscillated within a narrow 114 point range and eventually closed at 26177, marking a marginal gain of 0.02%. On the daily chart, Nifty printed a candle with shadows on both ends, indicating indecision among market participants after the recent pullback rally.

Adding to the day’s notable highlights, the India VIX slipped further and recorded its lowest-ever close on Tuesday, underscoring the persistent decline in market volatility and the growing complacency among traders.

In the Nifty constituents’ lineup, Coal India and Shri Ram Finance emerged as the top performers, lending some support to the index. On the flip side, heavyweight counters like Infosys and Bharti Airtel came under pressure and ended as the major laggards.

Across sectoral indices, Nifty Media and Nifty FMCG ended on a positive note. Meanwhile, Nifty IT and Nifty PSU Bank dragged the market lower, contributing to the flat-to-negative sentiment.

Moving to the broader market, the Nifty Midcap 100 closed almost unchanged, reflecting a subdued undertone. However, the Nifty Small Cap 100 showed resilience and outshone the frontline indices with a gain of 0.37%. Market breadth remained slightly positive, with the advance–decline ratio tilted in favour of advancers. Within the Nifty 500 universe, 272 stocks managed to close in the green, indicating selective buying across the broader space.

Nifty View

Going ahead, considering the current chart structure, the Nifty is likely to extend its northward journey in the next couple of trading sessions. As per the measure rule of the Double Bottom pattern, the upside target is placed at 26420 in the short term. While on the downside, the 20-day EMA zone of 26000-25950 will act as crucial support for the index.

Bank Nifty View

The banking benchmark index, Bank Nifty, traded in a narrow range of 185 points, which was the lowest daily range since May 18, 2024. It has formed a small body candle, which shows indecisiveness.

Going ahead, the zone of 59500-59600 will act as a crucial hurdle for the index. Any sustainable move above 59600 will lead to a sharp upside rally upto the 60000, followed by the 60500 level in the short term. On the downside, the zone of 59100-59000 will act as important support for the index.