Stock market today: Nifty seen opening steady as Fed rate-cut hopes, DII buying support sentiment
Indian equity markets are expected to open on a steady note on Wednesday, with Gift Nifty trading around 24,085, up 43 points, indicating a mildly positive start for benchmark indices.
While global market cues remain mixed, investors will continue to monitor crude oil prices and geopolitical developments in West Asia. According to Sachin Gupta, VP – Research, Technical Research, Choice Broking, the broader market bias remains sideways to bullish, with domestic institutional buying expected to cushion downside risks.
The Nifty50 ended Tuesday’s session marginally higher at 24,078.50, gaining 26.45 points (0.11%), after giving up most of its early gains. The index briefly crossed the 24,200 mark before profit-booking erased much of the advance.
Technically, the formation of a small-bodied candlestick suggests indecision at higher levels. India VIX declined 3.49% to 13.27, signalling easing volatility. Immediate support is seen at 23,900–23,850, while resistance is placed around 24,200–24,250.
The Bank Nifty outperformed, ending 295.55 points (0.51%) higher at 57,757.85, driven by buying in both PSU and private banking stocks. Although the index retreated from its intraday high near 58,148, the recovery points to improving near-term sentiment.
Choice Broking expects immediate support in the 57,300–57,500 zone, while 58,200–58,500 remains the key resistance area.
According to Gupta, the steady Gift Nifty trend, easing volatility and sustained DII inflows suggest a sideways-to-bullish opening. The Nifty50 is expected to trade in the 23,850–24,250 range, while the Bank Nifty is likely to remain between 57,300 and 58,500. A decisive breakout above immediate resistance levels could revive near-term buying momentum.