Market Highlights, July 24: Post Budget jitters, Bajaj twins drag Sensex 280 pts, Nifty below 24,450
Stock Market Highlights on Wednesday, July 24: Selling in Bajaj Finance, Axis Bank, Bajaj Finserv, HUL, Nestle India, Adani Ports, SBI, Kotak Bank, and IndusInd Bank weighed on the frontline indices
 "Market Highlights, July 24: Post Budget jitters, Bajaj twins drag Sensex 280 pts, Nifty below 24,450")
Closing Bell on Wednesday, July 24, 2024: Benchmark indices in te Indian stock markets witnessed another volatile session on Wednesday as investors assessed and reacted to the Budget 2024 proposals. The BSE Sensex index, which fell to a low of 79,750 during the day, ended at 80,149, down 280 points or 0.35 per cent.
The Nifty50, meanwhile, hit an intraday low of 24,307 before settling at 24,414, down 66 points or 0.27 per cent.
Among stocks, selling in Bajaj Finance, Axis Bank, Bajaj Finserv, HUL, Nestle India, Adani Ports, SBI, Kotak Bank, and IndusInd Bank weighed on the frontline indices.
In the broader markets, the BSE MidCap index gained 0.68 per cent, and the BSE SmallCap index rose 2 per cent.
Sectorally, the Nifty Media index climbed 2.5 per cent, and the Nifty Pharma, and Realty indices 0.7 per cent each. The Nifty Bank index, on the contrary, fell 0.89 per cent.
3:53 PM
Tech View :: 'Sell on Rise strategy ideal for Nifty, bank Nifty'
Nifty50
On the daily charts, we can observe that the Nifty traded within the range of the previous trading session. The intraday pullback fizzled out at the key hourly moving averages placed in the range 24,480 – 24,520.
The trend for the Nifty has changed to range-bound between 24,800 – 23,800. The daily momentum indicator has a sell signal and thus ideal strategy would be to 'Sell on Rise' around resistance zone 24,500 – 24,550. On the downside, we expect support at 24,200 – 24,000 from short term perspective.
The trend for the Nifty has changed to range-bound between 24,800 – 23,800. The daily momentum indicator has a sell signal and thus ideal strategy would be to 'Sell on Rise' around resistance zone 24,500 – 24,550. On the downside, we expect support at 24,200 – 24,000 from short term perspective.
Bank Nifty
Bank Nifty witnessed follow through selling pressure and has been leading the recent fall. We expect the weakness to continue. Sell on rise around 51,800 – 51,700 should be ideal strategy to trade in Bank Nifty. On the downside, the target is placed at 50,600.
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
3:44 PM
Currency Check :: Rupee ends 2 paise weaker vs US dollar at 83.717
3:42 PM
Broader markets :: SmallCap index outperforms peers, rises nearly 2%
3:40 PM
Sectoral trends :: Indices end mixed; Media index shines, Bank drags
3:39 PM
Sensex Heatmap :: 20 of 30 index stocks end in red
3:37 PM
Closing Bell :: Nifty ends below 24,450
3:37 PM
Closing Bell :: Sensex falls 280 pts
3:29 PM
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>> Co will subscribe to Compulsorily Convertible Preference Shares for an aggregate consideration of up to Rs 319.38 crore
>> Co will subscribe to Compulsorily Convertible Preference Shares for an aggregate consideration of up to Rs 319.38 crore
3:07 PM
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2:52 PM
ALERT:: V-Guard Q1 net soars 54%; stock rises 4%
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2:43 PM
Krsnaa Diagnostics shares rise 5% on order win from MP Govt to set up MRIs
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2:33 PM
Thyrocare Tech stock skyrockets 17% post Q1FY25 results; details here
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2:27 PM
ALERT:: Mahindra Life stock gains 3% as income grows 10-fold
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Topics : Sensex MARKET LIVE MARKET WRAP Market news stock market trading BSE NSE Trading strategies Gift Nifty Indian stock market
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First Published: Jul 24 2024 | 7:44 AM IST
