Stock Market Alert: Nifty, Sensex Open Flat; Will PSU Bank Stocks Turn The Tide For Dalal Street Today?

Stock Market Alert: Nifty and Sensex made a lacklustre start to Tuesday's trading session as investors stayed cautious across the globe amid persistent tariff uncertainty and stock market volatility. However, Asian stock market indices remained upbeat earlier on Tuesday.

Nifty 50 opened 21 points lower at 24,5363 points, whereas BSE Sensex was down around 95 points to open at 80,508 points. Both the benchmark indices recovered in the first fifteen minutes of the trading session and were trading in green at 9:30 am.

Bank Nifty also remained under pressure, but PSU bank stocks continued to stay in green on Tuesday.

Stock Market Opening

Nifty 50 and BSE Sensex opened at 24,5363 points and 80,508 points respectively. Nifty Bank was trading 0.14% lower at 55,416.45 points. Nifty PSU Bank held ground and was up close to around 0.08%. Additionally, Nifty Oil and Gas stocks were also trading higher on Tuesday.

On BSE, the positive advance-to-decline ratio indicated a positive sentiment prevailing across the stock market. On BSE, 2,052 stocks were advancing against 1,028 stocks which were declining today at 9:40 am.

Nifty PSU Bank gained 1.42 per cent and Nifty IT lost 0.46% on Monday. The sectoral index continue to remain strong on Tuesday as well.

Top Gainers, Top Losers

Titan, Wipro, Tech Mahindra, Tata Consultancy Services, Mahindra & Mahindra, were among the top gainers on Tuesday on Nifty. Whereas, Hindalco, Eternal, BEL, Grasim, Dr Reddy, etc emerged as the top Nifty laggards.

Nifty 50 Technical Outlook For The Day

Nifty 50 can see an upward trend if it holds above 24,442 zones, according to Motilal Oswal. "Nifty immediate support is at 24350 then 24250 zones while resistance at 24650 then 24800 zones. Now it has to hold above 24442 zones for an up move towards 24650 then 24800 zones while supports can be seen at 24350 then 24250 zones," noted the brokerage in its report.

For Bank Nifty, Motilal Oswal noted, "Bank Nifty support is at 55250 then 55000 zones while resistance at 55750 then 56000 zones. Now it has to cross and hold above 55555 zones for a bounce towards 55750 then 56000 levels while a hold below the same could see some weakness towards 55250 then 55000 zones."

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