Stock market today: The key benchmark indices of the Indian stock market are expected to remain under pressure as elevated crude oil prices and rising U.S. Treasury yields, amid persistent geopolitical tensions, continue to cloud the global macroeconomic outlook. The Gift Nifty is also oscillating around its previous close, maintaining a thin positive margin over yesterday's sport Nifty 50 close of 23,431.
The Gift Nifty live chart is trading around its previous close of 23,490, whereas it is trading around 50 points higher than yesterday's spot Nifty 50 close of 23,431.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a flat start on Thursday, as the Gift Nifty live chart is trading around its previous close, maintaining a thin positive margin against yesterday's spot Nifty 50 close. However, she maintained that Dalal Street bias is nervous and that the 50-stock index has found new support at 23,000 after the breakdown at 23,800.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the 50-stock index tanked heavily, opening gap-down, with the trend weakening and sentiment once again slipping into a nervous mode. The index is being maintained with a very cautious approach for now, with the 23,000 zone positioned as the next important support level.
“The Nifty 50 index losing control has slipped down for the 4th consecutive sessions, and only a decisive breach above the 24,000 zone can bring about some improvement in the bias and thereafter, establish conviction for further rise in the coming days,” said Parekh.