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 tarobtains 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 tarobtains of 2,971/2,922 amid bearish momentum and long unwinding.
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