The benchmark equity index Nifty 50 ended Tuesday’s trading session on a positive note. The NSE Nifty 50 closed 157.70 points or 0.72% higher to settle at 21,929.40 points. While S&P BSE Sensex gained 454.67 points or 0.63% to settle at 72,186.09 points. Bucking the trend, Nifty Bank lost 134.75 points or 0.29% to settle at 45,690.80 points.

On the sectoral front, oil & gas and IT stocks dragged indices. The broader indices also ended in the green, with midcap and smallcap stocks gaining the most.

The gainers include BPCL, HDFC Life Insurance, HCL Technologies, TCS, and Maruti Suzuki. The Indian Volatility Index (India VIX) closed 1.02% higher.

Markets fall on recession fears in US; Nifty plunges over 200 points and the Sensex ends below 79,000; banks deep in the red Muhammad Yunus: Leading Bangladesh’s transition amidst crisis Olympic Games Paris 2024: Deepika Kumari advances to round of 16 in women’s individual archery Markets end at intra-day highs! Nifty at 24,950, Sensex over 81,700 led by metal and pharma on July 31

“The Nifty opened on a positive note and during the day it traded with a positive bias to close the day up ~165 points. On the daily charts, we can observe that the Nifty has been broadly trading within the range in an upward-sloping channel. Until the recent swing lows of 21730 is not breached on the downside we can expect the upmove to continue towards 22000 – 22130. The daily and the hourly momentum indicator has a positive crossover which is a a buy signal. Thus, both price and momentum indicators suggest towards continuation of the positive momentum, however, considering the recent sharp reversals from the upper boundary (22000) one needs to be cautious on the long side. Stock-specific action and sector rotation are likely to continue during this period of consolidation. Key support levels are 21730 – 21700 while immediate hurdle zone is placed at 22100 – 22130,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

“Bank Nifty closed in the negative however, seems to be oversold. The positive crossover on the hourly time frame chart suggests that the bank nifty is poised for a pullback after the recent correction. On the upside, we expect the Bank Nifty to retrace till 46500 – 46800. Crucial support is placed at 45370,” Gedia said. 

“Markets reversed Monday’s decline and gained nearly a percent, in continuation to the prevailing consolidation range.  After the flat start, the Nifty gradually inched higher as the day progressed and finally settled closer to the day’s high.  Most sectors traded in sync with the move wherein IT, metal, and auto were among the top performers while banking and FMCG remained subdued.  The buoyancy returned to the broader indices after a breather and both midcap and smallcap gained in the range of 0.8%-1.2%,” said Ajit Mishra, senior vice president of technical research at Religare Broking.