The stock market in New Delhi closed with minor gains on Thursday in a rangebound session. The NSE Nifty 50 rose 0.16 per cent to close at 24,810.20, while the BSE Sensex gained 0.14 per cent, ending at 81,017.40. Market experts attribute the subdued performance to investors awaiting U.S. jobless claims data and the Jackson Hole Symposium later in the day. The top gainers in the Nifty 50 included Grasim Industries, Tata Consumer Products, Bharti Airtel, Tata Steel, and ICICI Bank. On the other hand, Wipro, Dr Reddy’s Laboratories, Tata Motors, NTPC, and M&M were among the major losers.
During the trading session, India VIX traded at its lowest at 10-13 and closed at 12.95 by the end of the day, indicating a decrease in market volatility. Sectors such as Media, Energy, IT, and Pharma closed with losses, while others ended in positive territory. Market experts suggest that focusing on sectors like Media, FMCG, and Infrastructure in the upcoming days could be beneficial for market participants. August 22’s low is seen as a key support zone, with potential for buying momentum if the price breaks the day’s high. Nifty is expected to find support between 24,780 and 24,650, with resistance around 24,840 and 24,950 in the next session.
Experts in the market are optimistic about the Indian markets potentially reaching a new all-time high in the upcoming week. The release of the US Federal Reserve’s minutes has raised expectations of potential interest rate cuts in September, driving this optimism. It is important for investors to monitor the market closely and be prepared for potential price movements in the coming sessions. Keeping an eye on key support and resistance levels, along with developments in the global market, can help guide investment decisions and maximize opportunities for profit in the stock market.
