Indian stocks open lower on Tuesday
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Indian stocks open lower on Tuesday

Indian equities markets opened on a subdued note on Tuesday with the Nifty 50 falling 0.02% to close at 19463.5 points.

On Monday, the Nifty 50 jumped 181.15 points or 0.94% to close at 19411.75.

Ajit Mishra, Senior Vice President, Technical Research, Religare Broking, said, “The market got off to a solid start to the week with a gain of close to 1%, continuing the recent rally. After the jump, the Nifty was in a narrow range for most of the day and finally closed near the day’s high of 19,398. All major sectors contributed to the move with metals, energy and pharma gaining over 0%. The broader indices also rose in tandem, with gains ranging from 9.1% to 3.<>%”.

Indian stocks open lower on Tuesday

Looking ahead, Mishra said the market is expected to test the 19,500 mark in the Nifty. However, he also pointed out that it will be crucial for the positive global tone to be sustained as banking sector participation increases.

Elsewhere in Asia, Asia’s Dow Jones was down 0.59%, Japan’s Nikkei 225 was down 0.67%, China’s benchmark Shanghai Composite was down 0.27% and Hong Kong’s Hang Seng was down 68%.

Technical Perspective

Jatin Gedia, Technical Research Analyst, BNP Paribas Sharekhan, said, “On the daily chart, we can observe that the Nifty has opened a gap for the second consecutive day and extended towards the psychological level of 19,500. The daily momentum indicator is showing a positive crossover i.e. a buy signal. the Nifty is currently trading near the upper limit of the inverse channel, which could be a breakout from a short-term perspective. A decisive close above the descending channel would lead to further continuation of the current uptrend. However, multiple resistance parameters in the form of key daily moving averages in the range of (19,400 – 19,500) could limit further upside. In terms of levels, 19,240 – 19,300 will be the key support area, while 19,500 – 19,550 will be the immediate barrier area.

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