The Nifty finally ended the day with a minor loss of 19 points at 24,793.
Tata Consumer, Eicher Motors, and M&M emerged as top performers on the Nifty. Conversely, Adani Ports, Bajaj Finance, and Shriram Finance concluded the session as major losers of Nifty.
The broader markets witnessed a big drop. The midcap index ended 2% lower against flat-to-negative close for benchmarks. Nearly 90% of 100 midcap stocks closed with cuts.
Except auto, all the major indices closed in the red. Auto stocks closed largely higher with Eicher and M&M being top gainers.
Tech Mahindra fell 2%, while Wipro rose 2% on a brokerage note. Morgan Stanley has downgraded Tech Mahindra to ‘Underweight’ while, it upgraded Wipro to ‘Equal-weight’.
Shares of Swiggy ended the session with a gain of 2% after IIFL Capital initiated coverage on the stock, projecting a 46% upside. IIFL Capital initiated coverage with a “buy” rating on the stock with a price target of ₹535 per share.
Meanwhile, both domestic and investors were net buyers in the cash market on Thursday.
The Nifty witnessed a lackluster expiry on the NSE, as the index remained within a narrow range throughout the session, indicating indecisiveness ahead of any directional move.
Despite the Nifty closing near its day’s lows, the index remains positionally in a consolidation phase. The 24,700 level now serves as a key support on the downside, said Nandish Shah of HDFC Securities.
“A decisive close below this critical support of 24,700 could intensify selling pressure and potentially drag the index towards the next support band of 24,500-24,400 levels in the short term. On the higher side, the 25,000 level continues to act as a strong resistance.”
“The negative sentiment is likely to persist as long as the index remains below 24,850. On the downside, support is seen at 24,550,” said Rupak De of LKP Securities.
According to Om Mehra of SAMCO Securities, a close below 24,700 could tilt the trend to the downside, whereas a breakout above 25,000 may reignite bullish momentum.
“In the near term, the index is likely to remain within the 24,600 to 25,000 band, and a meaningful directional move is expected only after a decisive breakout from this range,” Mehra said.
The Nifty Bank ended the session at 55,577.45, down 0.45%.
Despite multiple attempts, bulls have been unable to reclaim higher ground, while bears continue to test patience with a gradual drift toward the lower end of the channel.
Mehra said that the broader positive trend is still intact, but the current price action hints at a critical inflection point. “A decisive breakdown below the channel support could open the gates toward 55,200–55,000, while a move above 56,000 would be required to regain lost strength.”
