8 hrs ago
Nifty Bulls Defend 23,800 Ahead of Sensex Expiry
The stock market has been falling for three days in a row.
The Nifty index has moved below the important 24,000 level.
Buyers, called bulls, are trying to keep it above 23,800.
Wednesday’s low of 23,786 is another level investors are watching.
Oil prices are still above $95, which can pressure markets.
Bond yields fell a little but remain high.
The Nifty Bank index is trying to stay above 57,000.
Investors are also watching a possible Meesho block deal and several other stocks.
The Sensex options contracts were set to expire today.
Nifty bulls held the 23,800 level on Wednesday after a three-day losing streak.
The index has surrendered the crucial 24,000 support, with Wednesday’s low at 23,786.
Oil prices remained above $95, while bond yields cooled slightly but stayed elevated.
The Nifty Bank defended 57,000, and stable currency conditions offered a positive signal.
A block deal was expected in Meesho, while Power Grid, Page Industries, Persistent Systems and Swiggy were in focus.
- Who
- Market bulls, investors and traders tracking the Nifty, Sensex and Nifty Bank.
- What
- The Nifty was attempting to hold 23,800 during the weekly expiry of Sensex options contracts after a three-day decline.
- Where
- In the stock markets tracked by the Sensex, Nifty and Nifty Bank.
- When
- On the weekly Sensex options expiry day, following Wednesday’s trading session.
- Why
- Investors were responding to elevated oil prices and bond yields, continued market supply, and the Nifty’s loss of the 24,000 support.
Market Bulls
Market Pressures
Near-term support
Market Bulls
Bulls hoped 23,800 would hold and that Wednesday’s low of 23,786 would become a near-term swing low.
Market Pressures
The Nifty had already lost the crucial 24,000 support after three consecutive losing sessions.
Banking index
Market Bulls
The Nifty Bank’s defense of 57,000 provided an important level for buyers to protect.
Market Pressures
The 57,000 level remained a downside level to watch rather than a confirmed market recovery.
Broader conditions
Market Bulls
Wall Street rebounded slightly, bond yields cooled somewhat and the currency remained stable.
Market Pressures
Oil prices stayed above $95, bond yields remained elevated and continued supply of paper weighed on the market.
Key facts
- Nifty support
- Bulls were hoping to hold the 23,800 level.
- Wednesday low
- The Nifty’s low was 23,786.
- Nifty trend
- The index had recorded a three-day losing streak and fallen below 24,000.
- Oil prices
- Oil remained above $95.
- Nifty Bank level
- The index defended 57,000 on the downside.
- Expiry
- The weekly expiry of Sensex options contracts was taking place.
- Stocks in focus
- Power Grid, Page Industries, Persistent Systems and Swiggy were highlighted.
Sources
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