Indian Market Opens Steady With Positive Sector Momentum

Indian Stock Market Outlook - August 12

The Indian stock market started Tuesday, August 12, with a slight increase, maintaining the positive trend from the previous day's strong performance.

• GIFT Nifty showed an increase of about 26 points, indicating a steady opening for Indian stocks.

On Monday, benchmark indices Sensex and Nifty each rose approximately 1%, ending a six-week downward trend.

• Sensex closed at 80,604.08, up 746 points.
• Nifty closed at 24,585.05, up 222 points.
• The rally was driven by strong buying in PSU banking, real estate, and automobile sectors.
• Consumer durables showed relatively weak performance.

Market Sentiment and Key Players

The market's positive mood was supported by activity from domestic institutional investors.

• Domestic institutional investors were net buyers, with purchases of approximately Rs 5,972 crore.
• Foreign institutional investors sold equities worth Rs 1,202 crore.

Technical Analysis

Important levels to watch for Nifty and Bank Nifty include:

• Nifty: Anticipated support near 24,300 and resistance at 24,630.
• Bank Nifty: Recovered from its 100-EMA support at 54,950, with resistance near 56,000.
• Nifty is expected to trade between 24,400 and 24,800.
• Bank Nifty may fluctuate between 54,800 and 56,200 during the session.

Sector and Stock Focus

Several sectors experienced gains, and specific stocks are in focus:

• Pharma, metals, auto, oil & gas, PSU banks, and realty gained between 0.5% to 2%.
• Key stocks to watch: Apollo Hospitals, Hindalco, Pfizer, and Adani Enterprises.
• Companies announcing quarterly results: ONGC, Bharat Dynamics, and Zydus Lifesciences.

Global and Market Outlook

The global market context and the outlook for the Indian market are as follows:

• Mixed global cues: Asian markets are up, while US markets are down.
• The Indian market's outlook remains cautiously optimistic.
• Investors will closely monitor earnings reports and technical support levels.