Stock Market LIVE Updates: Sensex down 220 pts, Nifty below 24,650; BEL, Axis Bank, Eternal top losers
Prashanth Tapse, Senior VP (Research), Mehta Equities
GIFT Nifty is down 33 points at 24,676, reflecting the deepening bear grip on Dalal Street after Monday’s steep sell-off. Technically, Nifty bulls remain sidelined unless 25,100 is crossed, with key support at 24,473 and strength confirmed only above 25,421.
Sentiment remains fragile amid six major headwinds: overbought conditions, heavy profit booking, FII outflows of Rs 30,287 crore in July, weak Q1FY26 corporate earnings, uncertainty over US-India trade agreements, and the looming FOMC decision on rate cuts.
Sectoral pain was led by Nifty Realty, which plunged over 4%. Key earnings due today include L&T, Asian Paints, NTPC, and Bank of India. In stock-specific action, Adani Green posted a 60% rise in Q1 profit, while NSDL’s Rs 4,011.5 crore IPO opens on July 30.
Preferred trades: Sell Nifty at CMP (24,681) for targets of 24,473/24,222, and Bank Nifty (56,085) for 55,300/54,700.
Bearish bias continues on Volats, Cummins, and DLF. Top short: Sell SRF (CMP Rs 3,057) for targets of 2,971/2,922 amid bearish momentum and long unwinding.
