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Analysts flagged 24,500–24,800 as key levels for the Nifty.
Indian equity benchmarks started Thursday’s session on a subdued note, tracking weak global cues ahead of the weekly expiry.
By 9:40 a.m. IST, the Nifty 50 had fallen 98 points to 24,568, while the Sensex was down 358 points at 80,971.
Despite the cautious start, broader markets remained resilient. Both the Nifty Midcap and Smallcap indices saw marginal gains.
Meanwhile, retail sentiment on Stocktwits for the Nifty 50 flipped to ‘neutral’ from ‘bearish’.
Nifty sentiment and message volume on May 15 as of 9:45 am IST. | source: Stocktwits
Sectorally, it was a mixed bag. Metal stocks continued their rally for the second consecutive session, while selling pressure was evident in real estate, private banks, pharma, and IT counters.
On the stock-specific front, IndusInd Bank dropped 2% following reports of a fresh internal audit. According to The Economic Times, the probe relates to earlier accounting reversals and is distinct from previously disclosed concerns.
Earnings reactions shaped early sentiment as well. Eicher Motors posted marginal gains after a steady March-quarter performance.
In contrast, Muthoot Finance and Jubilant FoodWorks declined 4% and 2%, respectively, after their results failed to impress the Street.
Marksans Pharma rose 2% after its subsidiary received drug approval from the UK regulator.
Investors will monitor Cochin Shipyard, JSW Energy, LIC Housing Finance, PB Fintech, Crompton Greaves as they report quarterly numbers later in the day.
From a technical standpoint, SEBI-registered analysts on Stocktwits offered a cautious but defined trade setup.
Prabhat Mittal pegged immediate support for the Nifty at 24,500 and resistance at 24,800, while he placed Bank Nifty support at 54,400 and resistance at 55,200.
According to A&Y Market Research, Nifty hovered near a pivotal zone, with intraday resistance expected between 24,746–24,811 and support in the 24,455–24,507 range.
They saw a potential breakout above 24,700 as a trigger for fresh upside, while a dip below 24,500 could lead to profit-booking.
For Bank Nifty, they projected intraday resistance between 55,443–55,557, with support zones between 54,334–54,470. Despite short-term volatility, they maintained a positive medium-term view on the banking index as long as it held above 54,282.
Asian markets traded mixed and U.S. stock futures were seen lower ahead of key economic data releases due later today.
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