Leading the charge among the top performers on the Nifty, demonstrating resilience, were Tata Steel, JSW Steel, and Asian Paints. Conversely, Shriram Finance, HDFC Life, and IndusInd Bank ended the session as major losers, facing the brunt of the selling.
The Nifty Midcap and Smallcap Indices witnessed profit booking along with the Benchmark where Nifty Midcap 100 fell marginally by 0.14% while Nifty Smallcap 100 registered a fall of 0.41%.Amongst the sectoral indices, Nifty Metals, Consumer durables, and Healthcare gained the most, demonstrating pockets of strong buying interest. Conversely, Nifty Realty, Financial services and PSU Banks were the major losers.
Meanwhile, foreign investors were net sellers in the cash market on Tuesday, while domestic investors were net buyers.
In this ongoing correction phase, the previous swing highs of 25,317 and 25,222 could now act as immediate support levels. On the upside, the 25,640-25,740 zone continues to serve as a strong resistance band, limiting upward movement, according to Nandish Shah of HDFC Securities.
Following a nearly 5% rally in recent weeks, the Nifty has seen a mild pullback over the past few sessions, bringing it closer to the 38.2% Fibonacci retracement level of the prior upmove, around the 25,300 mark. On the hourly chart, the index has found initial support near its 50-hour moving average, noted Rupak De of LKP Securities.
“On the upside, immediate resistance is at 25,500. A sustained move above this level could pave the way for a short-term recovery, potentially pushing the index toward 25,600 or higher. Conversely, a decisive break below 25,300 may trigger a sharper correction,” he added.While global markets continue to show strength, the recent pause in the Nifty reflects growing investor caution, as participants await fresh triggers to resume the uptrend, said Ajit Mishra of Religare Broking.
Here are the stocks to watch ahead of Thursday’s trading session:
– Hindustan Zinc shared its Q1 business update. Its Mined Metal Production At 265 kt, Up 1% YoY & Down 15% QoQ. Saleable Metal Production At 250 kt, Down 5% YoY & Down 7% QoQ. Refined Zinc Production At 202 kt, Down 4% YoY & Down 6% QoQ. Refined Lead Production At 48 kt, Down 6% YoY & Diwn 14% QoQ.
– Nestle India adds a new Maggi Noodles production line has been added at Sanand Factory, Gujarat with an investment of ₹105 crore.
– Aurobindo Pharma Arm gets marketing authorisation from the European commission for Dazublys.
– RVNL appoints Chandan Kumar Verma as Chief Financial Officer w.e.f. July 2. Currently, Chandan Kumar Verma is executive director – finance at the company.
– Voltas gets show cause notice and demand order of ₹265.25 crore for short payment of GST For FY19 To FY21.
– Coromandel International gets CCI nod for acquisition of 10.69 crore shares (53.13% stake) of NACL Industries.
– Indian Bank cuts MCLR by 5 bps for most tenures effective July 3.
