Stock market today: Sensex, Nifty inch up marginal gains to open the day in green

Both indices, the Sensex and Nifty opened the day in green. While the Sensex was up by 0.089% to trade at 81,524.79, the Nifty was up by 0.2% to trade at 24,907.80 as of 9:35 on July 31st, 2024.

Asian Paints, NTPC, Hindalco, ITC, and Bharti Airtel gained early lead during the day's trade, while Tata Consumers, Power Grid Corporation of India, Coal India, Axis Bank and Tata Motors were amongst the leading laggards.

India VIX rose by 1.63% in early trade, while small cap indices also dipped in early trade. Amidst sectoral indices, PSU banks, private banks and realty opened the day in red.

Mr. Aditya Gaggar, director of Progressive Shares explains that late profit booking dragged the index lower to end 30th July trade at 24,857. Nifty50 has made a DOJI candlestick pattern indicating indecisiveness between the bulls and bears. The psychological level of 25,000 will continue to act as a strong barrier while immediate support is placed at 24,800 followed by 24,660.

"For Bank Nifty, a level of 51,900 acts as a stiff hurdle while 51,250 serves as immediate support. From the Energy space, OMC stocks are strengthening their positive momentum (BPCL, IOC, HPCL). As indicated yesterday, the FMCG sector corrected over 1%; some more downside is still left before resuming the primary uptrend. Stock-specific buying can be anticipated in the IT segment. Few fertilizer counters have given a strong breakout, namely Chambal Fertilizers and GNFC.

Shrikant Chouhan, Head Equity Research at Kotak Securities highlighted that yesterday, the benchmark indices continued non-directional activity, the Nifty ended 21 points higher while the Sensex was up by 100 points. Among Sectors, the energy index rallied over 1% whereas intraday profit bookings were seen in selective pharma and healthcare stocks.

"Technically, after an intraday rally again the market witnessed profit booking near 24,950/81,800, which is mildly negative. We are of the view that the larger texture of the market is positive. However, a fresh uptrend rally is possible only after the dismissal of 24,950/81,800. Above that, the market could move up till 25,050-25,200/82,000-82,400. On the flip side, below 24,800/81,200 we could see further weakness till 24,700/81,000. If the markets are really strong then we can see a strong reversal after hitting the levels of 24,700/81,000. In case the market sustains below 24,700 then we could see the level of 24,500 in the near term", he continued.