The Indian stock market is likely to start lower on Tuesday as global markets slipped overnight. Gift Nifty is also showing weakness, indicating that Nifty 50 and Sensex may open in the red.
This comes after a strong session on Monday, where Nifty managed to close above the 26,000 mark and Sensex also ended with healthy gains. But analysts now say that the market may struggle to hold those levels today.
In the derivatives market, traders are turning a bit cautious. According to Chandan Taparia from Motilal Oswal, most Call positions are built at the 26,000 and 26,100 levels — meaning the market could face resistance if it tries to move higher. On the other hand, the biggest Put positions are at 25,900 and 26,000, which makes these levels important supports for Nifty.
Experts believe that the first hour of trade will be crucial. If global selling continues, Nifty may test its lower support zone around 25,900. For now, traders are expected to stay selective and avoid large positions until global markets stabilise.
Source – mint
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