On Weak Global Cues Market will Open on a Flat Note...

Daily Equity Bulletin

Markets ended flat to negative in the previous session, reacting mildly to the RBI’s decision to keep the repo rate unchanged at 5.5%. While the stance remained “withdrawal of accommodation”, the commentary signalled a cautious outlook on inflation, especially due to global oil prices and food inflation risks. Despite the neutral tone, the broader market lacked confidence, with profit booking seen at higher levels.

Equity markets opened on a dull note, tracking weak global cues and cautiousness ahead of US Jobless Claims data and Crude Inventory Report. Investors are also eyeing India’s Industrial Production (IIP) and CPI Inflation data, due this week, which could trigger further directional movement. Domestic macros and global commodity prices will remain key influencers.

📊 Nifty 50 Overview:

Nifty continues to show signs of weakness, slipping further in yesterday’s session. Technically, the index is struggling to hold higher levels and closed below key support levels, showing a bearish undertone. Momentum indicators are neutral to negative, suggesting limited upside until a clear breakout.

📍Key Levels:

•Support: 24500

•Resistance: 24700, above which 24800 and 24880 are possible

•Breakdown confirmation: Below 24500

🎯 Trading Strategy:

Buy Nifty on dip around 24520 for upside targets of 24580 and 24660. Maintain strict SL below 24480.

🏦 Bank Nifty Overview:

Bank Nifty showed resilience yesterday by rebounding from crucial support and closing in green. With financials holding strong, sentiment in the banking space is relatively stable. A sustained move above the resistance zone may trigger fresh buying interest in the coming sessions.

📍Key Levels:

•Support: 55200

•Resistance: 55550, breakout targets: 55750 and 56000

🎯 Trading Strategy:

Buy Bank Nifty above 55550 for targets of 55800 and 56000. Keep SL near 55380.

🚀 Top Pick of the Day: PNB Futures

•Buy around: 104.50

•Stop Loss: Below 103

•Targets: 106.50 / 108

🧠 Stay cautious near key levels. Keep an eye on US data and India’s CPI/IIP this week for bigger moves.