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The market ended the day little changed but sharply off its lows, with a recovery in the final hour of trade. The Nifty ended the session with muted activity with a minor loss of 14 points or 0.06%, to close at 22,945.
Sectoral trends remained mixed, with FMCG and auto among the top losers, while IT stocks posted decent gains. Meanwhile, broader indices underperformed, declining between 0.4% and 2%.
IT names saw buying interest, with Tech Mahindra and Persistent Systems leading the gains on positive sentiment.Power-related stocks also moved higher, with NTPC and Power Grid emerging as the top gainers.
Meanwhile, Bharti Airtel ended flat following a stake sale worth Rs 8,500 crore by the promoter entity. Bharti Airtel in a stock exchange filing confirmed that the Indian Continent Investment Ltd had sold 0.84% stake, or 5.11 crore shares, for around 8,485.11 crore. Bharti Telecom Ltd, the promoter of Airtel, anchored the trade by acquiring 1.2 crore shares, it said.
Both foreign and domestic investors bought ₹4,786.56 crore and ₹3,072.19 crore, respectively, in equities on Tuesday.
What do the Nifty50 charts indicate?
In the short term, Rupak De of LKP Securities said the Nifty might remain a ‘sell on rise’ as long as it stays below 23,150. Support is placed at 22,800, and a fall below this level might trigger further correction. Immediate resistance is placed at 23,000.
According to Ajit Mishra of Religare Broking, the attempts of stabilising the Nifty index around the January low of 22,800 has raised hopes for a potential rebound. However, the continued underperformance of broader indices remains a key concern.
“A decisive breakout above 23,140 could amplify bullish momentum. The support remains at 22,780. If market breadth improves, the prevailing ‘sell on rise’ strategy could shift to ‘buy on dip’ in the coming sessions,” said Om Mehra of SAMCO Securities.
What do the Nifty Bank charts indicate?
The Nifty Bank ended the session at 49,087.30, posting a decline of 0.35%. The index appears to be forming a base around the 49,000 zone, as indicated by the closing levels of the past three sessions. This suggests that downside momentum may be slowing, with a potential attempt to stabilise, Mehra said.
“The 20-day moving average (DMA) is currently positioned around 49,800, and a breakout above this level would be a bullish outlook, potentially shifting momentum in favor of the bulls. However, Nifty Bank has yet to confirm a definitive bottom in the ongoing downtrend, the emerging base formation indicates that selling pressure may be easing. The support remains firm at 48,500, making it a crucial level for assessing downside risk,” Mehra added.
Here are the stocks to watch ahead of Wednesday’s trading session:
– L&T acquires remaining 26% stake in L&T Special Steels and Heavy Forgings, becomes wholly owned subsidiary.
– Concor awards ₹689.76 crore order to Braithwaite & Co for 30 BLSS Rakes.
– Rvnl gets LoA worth ₹554 crore from Rail Infrastructure Development Company, Karnataka.
– Aurobindo pharma: US FDA concludes pre-approval inspection (PAI) with 5 observations at the company’s unit in Parawada Mandal, Anakapalli, Andhra Pradesh. US FDA conducted PAI at the company’s unit, between February 10-18, 2025.
– Mahindra Lifespaces partners with Livingstone Infra for ₹1,650 crore Mahalaxmi Redevelopment Project.
– Piramal pharma: US FDA issues form 483 with 6 observations for the company’s Turbhe Facility. US FDA conducted General GMP inspection at Piramal Pharma’s Turbhe facility from 11th February, 2025 to 17th February, 2025.
– Transformers and Rectifiers bags order worth ₹166.5 crore from Hyosung T&D India.
