Stock market today: Indian indices - Sensex and Nifty - took a sharp U-turn in Thursday's trading session, recovering from previous losses. The Nifty has rebounded and is trading about 30 points higher, moving above the 25,800 mark. The Sensex is also in positive territory, climbing to around 84,600.
For the Nifty, the 50-day moving average is emerging as an important support level. In both recent pullbacks, the index found support around this mark and subsequently bounced back.
On Thursday, the key indices opened on a cautious note as weak global signals weighed on investor sentiment, triggering broad-based selling pressure across most sectors. The Nifty 50 began the session at 25,772.70, declining 45.85 points, or 0.18%, while the BSE Sensex opened at 84,518.33, down 41.32 points, or 0.05%.
Experts believe that investors have remained cautious as global equities came under fresh selling pressure after the recent correction in US markets.
According to experts, the ongoing sell-off in US stocks has begun to weigh on markets worldwide, including India. US indices continued their decline overnight, largely driven by profit-taking in technology and AI-focused stocks that had previously surged sharply.
"Nifty has slipped marginally below the 25,800 mark in early trade, with the opening tone reflecting mild selling pressure, largely driven by weak global cues. That said, price action suggests an attempt to stabilise near this zone," said Ponmudi R, CEO of Enrich Money.
Has Santa rally begun in the Indian stock market?
According to Anshul Jain, Head of Research at Lakshmishree, believes that the inability to break below the swing support, coupled with a clear failure to reclaim higher resistance, points to fading momentum and a choppy structure. This balance of forces suggests sideways trade in the near term.
“We expect the index to oscillate within a defined 25740 to 26050 range over the coming sessions,” Jain said.
Jain further explained that for any meaningful Santa rally to emerge, Nifty must either sweep 25740 or decisively break above 26050. “Both scenarios look unlikely, setting the stage for a Santa consolidation this year,” he added.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
