Prashanth Tapse, Senior VP (Research), Mehta Equities
Nifty’s six-day rally stalled yesterday, with sentiment turning cautious as weak Wall Street cues, concerns over stretched AI valuations, fading expectations of a December US Fed cut, upcoming US jobs data and continued FII selling weighed on trade.
Bank Nifty also slipped after touching a fresh peak of 59,103.65. Even so, hopes of a US–India trade deal and India’s inflation easing to 0.25% in October are cushioning downside risks.
Technically, Nifty’s key support sits at 25,740, with strength only above 26,100.
Stock action remained active — WPIL rallied on a major South African order, DCX Systems edged up on fresh purchase orders, while Newgen, Tata Power, Emcure Pharma and AstraZeneca Pharma saw mild pressure.
For traders, dips remain acquireable: Nifty is favoured between 25,750–25,800 with tarobtains of 26,100–26,277, while Bank Nifty is a acquire around 58,200–58,300 with upside towards 59,577–60,300.
On the stock front, the day’s preferred acquires are Bharti Airtel, Polycab, Sun Pharma and Nykaa on early intraday weakness, while Bajaj Finance remains the top sell idea, signalling further downside towards 995–951.
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