Live: Will Nifty Hold 24,500 Support Level As Weakness Continues? HAL, Zomato In Focus | Opening Bell

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As the markets open on Wednesday, all eyes are on the Nifty 50 index to see if it can hold its crucial support level of 24,500 amid ongoing weakness. The Indian stock markets have been under pressure in recent sessions due to global economic uncertainties, a stronger US dollar, and foreign institutional outflows.





Opening Trends

The Sensex and Nifty opened on a cautious note today, mirroring weak global cues. While heavyweight sectors such as IT and banking displayed a lackluster performance, specific stocks like Hindustan Aeronautics Limited (HAL) and Zomato emerged as key players for today’s trading session.

  • HAL: Shares of Hindustan Aeronautics Limited are expected to see heightened activity after the company announced a significant defense contract, bolstering investor sentiment.
  • Zomato: The food delivery giant is in focus following reports of potential expansion into new international markets and updates on quarterly performance metrics.

Key Market Indicators

  • Nifty 50: Opened at 24,510, slightly above the critical 24,500 support level, but faces resistance at 24,650.
  • Sensex: Began trading 100 points down, reflecting market caution.
  • Rupee: Opened weaker at 83.15 against the US dollar, adding pressure on IT exporters.

Sectoral Highlights

  • Banking: Mixed performance as private sector banks hold steady, while PSU banks face selling pressure.
  • IT: Continues to see weakness amid global tech sell-offs.
  • Defense: HAL leads the charge as the defense sector garners attention from domestic investors.

Market Outlook

Analysts suggest the Nifty’s ability to hold the 24,500 level is crucial for maintaining bullish momentum. A break below this level could trigger further downside, with the next support seen at 24,200. On the upside, sustained buying is needed to reclaim the 24,800 mark.

Stay tuned for updates as the day progresses, with a focus on movements in key stocks and sectors.

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