Stock market today: Nifty, Sensex register muted gains on market opening today

Both indices, Sensex and Nifty opened the day on a muted note. While Nifty was down by 0.06% and trading at 24,124.45 points, Sensex was trading in the green, trading at 78,955.21 points, as of August 14th, 2024.

Hindalco, HCL Tech, Mahindra and Mahindra, Coal India, and BPCL took the lead in early trade, while Divis Labs, UltraTech Cement, Hero Moto Corp, ICICI Bank and HDFC Life lagged in trade today morning.

All broad market indices opened the day in red. Amidst sectoral indices, only auto and IT saw offshoots of green, while all others were trading in red.

Aditya Gaggar, director of Progressive Shares, notes that bears dominated 13th August trade and pulled the index lower to settle at 24,139. With a big red candle, the Index is comfortably back in the range of 23,960-24,400. We advise to wait until the Index provides a clear picture by violating either range. The same reading also applies to BankNifty, as it stands near a strong support level of 49,700 while the immediate hurdle is placed at 50,270.

"Among the sectors, the pharma sector is developing a probable bearish divergence; however, stock-specific activities are likely to continue (preferred bet- IPCA Labs). The IT segment is gradually strengthening its uptrend, and a strong uptick above 39,400 will be considered a breakout. Gems and jewellery counters gained momentum in yesterday's trade and are likely to continue the same in today's trade (Goldiam International, Titan). We continue to hold a positive stance on Balrampur Chini, HUL, and Jubilant Foodworks from the FMCG space", he continued.

Shrikant Chouhan, Head Equity Research, Kotak Securities highlights that technically, a reversal formation and bearish candle on the daily chart indicate further weakness from current levels. "We believe that the intraday structure of the market is weak and continuation of the trend below the level of 24,100 would result in further weakness to 24,000 and 23,800 levels. In case the Nifty fails to fall further, then again it may return to 24,370, however, it will confirm the bullish reversal only above the 24500 levels, which is an unlikely scenario or it would require some solid bullish reason", said Chouhan.