Market Wrap

Indian equities ended a choppy session on a weak note as the Nifty closed at 25,170, down 0.13%. The day saw a tug of war between bulls and bears, with buyers stepping in at lower levels while profit booking weighed on midcaps. PSU banks extended their outperformance, with several heavyweights hitting multi-month highs, keeping the financial sector in focus. Globally, Asian markets traded mixed while Europe’s CAC advanced over 0.5%. On the macro front, the rupee slid to a record low of 88.76 against the US dollar, raising concerns about imported inflation. A slight easing in crude prices after OPEC+ signaled no supply cuts offered some relief to Indian importers.

What's Ahead

The Nifty faces immediate support at 25,085 and 25,045, while resistance is seen at 25,260–25,330. With three consecutive sessions of pressure, the index may remain rangebound as bulls defend the 25,000–25,100 zone and bears guard the higher band. Currency weakness could weigh on foreign flows, but sustained strength in PSU banks may provide stability ahead of September’s F&O expiry and GST collection data.

Market Snapshots

Institiutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The Nifty 50 slipped 32.85 points to settle at 25,169.5, marking a subdued close as profit booking dominated despite supportive global cues. The index traded in a volatile 177-point range, hitting an intraday high of 25,261.90 before giving up gains. Weakness in FMCG majors like Hindustan Unilever and Nestle India, along with selling in IT and Pharma names, capped upside momentum, even as banking stocks like IndusInd Bank and Axis Bank lent support. RSI has slipped below 60, reflecting weakening momentum. For the near term, support lies at 24,974 and 24,854, while resistance is placed at 25,365 and 25,485.

Bank Nifty

Bank Nifty outperformed broader markets, gaining 225 points to close at 55,509.75, up 0.41%. The index recovered from early weakness and ended near the day’s high, supported by buying in private and PSU banks such as IndusInd Bank, Canara Bank, and Axis Bank. Despite the drag from heavyweights HDFC Bank and ICICI Bank, breadth remained positive with 9 of 12 constituents advancing. RSI hovering near 60 indicates constructive momentum, suggesting resilience in the sector. Key support is seen at 55,010 and 54,702, while resistance stands at 56,009 and 56,318.

Sensex

The Sensex ended marginally lower at 82,102.1, down 0.07%, as selling in FMCG and select blue-chips offset gains from banking and financial stocks. Axis Bank, Bajaj Finance, and SBI were the top contributors on the positive side, while Hindustan Unilever, Asian Paints, and Trent led the declines. Heavyweights HDFC Bank and ICICI Bank also weighed on the index. The near-term trend appears cautious, with support at 81,441 and 81,032, while resistance is placed at 82,763 and 83,172.

FINNIFTY

The Nifty Financial Services index posted a modest gain of 31.1 points to close at 26,559.5, up 0.12%, aided by strength in Axis Bank, Bajaj Finance, and SBI. However, selling in HDFC Bank, ICICI Bank, and insurers like SBI Life and ICICI Prudential Life capped upside. The breadth was mixed, with 12 gainers against 8 losers, showing selective buying interest. The index remains range-bound in the near term, with support levels at 26,410 and 26,290, and resistance at 26,705 and 26,830.