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Sensex and Nifty fall as Iran-US peace deal uncertainty persists
The Nifty 50 is stuck in a six-session consolidation between 24,500 and 24,700, with 24,400 to 24,500 viewed as the next key support range.
Frontline indices in India, including the Sensex and the Nifty 50, declined up to half a percent in morning trade on Tuesday, 11 August, as uncertainty persisted around a peace deal between the US and Iran and as attention returned to the reopening of the Strait of Hormuz, LiveMint Markets reported.
The Nifty 50 has been in consolidation for six consecutive sessions, moving within the 24,500-24,700 range. The index dipped below 24,500 early on, a level described as important short-term support where repeated buying interest was previously seen.
Analyst Vishnu Kant Upadhyay of Master Capital Services said the 24,400-24,500 area remains a crucial support zone going forward, while 24,650-24,700 is likely to act as immediate resistance on the upside. Upadhyay and Hitesh Tailor of Choice Broking also pointed to near-term stock setups for a 1-2 week horizon.
According to Upadhyay, Mphasis showed a strong trend reversal after a prolonged corrective phase, including a breakout from a symmetrical triangle pattern, a shift to higher highs and higher lows, and confirmation from the 21 EMA crossing above the 100 EMA. The article also described Poly Medicure as breaking above the ₹1,700 resistance zone with a sharp increase in volumes, suggesting a developing reversal with improved price structure.
Latest closeSensex 78,499.17 ▼0.6%