Indian Stock Market Sees Tug-of-War Between Bulls and Bears

The Indian stock market opened positively on Wednesday with Sensex and Nifty making gains. However, a tactical battle between bullish and bearish trends resulted in fluctuating movements. Analysts suggest a keen focus on key trading ranges to anticipate future trends.

The Indian stock market started on a high note on Wednesday, with the Sensex rising by 269.94 points to 76,184.03, and the Nifty climbing 70.55 points to reach 23,027.80 in the early trade session.

Out of the Nifty 50 stocks, 34 saw advances, 15 faced declines, and 2 remained unchanged. Bajaj Auto, Cipla, Infosys, BEL, and Shriram Finance stood out as top gainers, whereas HDFC Life, JSW Steel, NTPC, Hindustan Unilever, and Nestle India emerged as top losers. Akshay Chinchalkar, Axis Securities' Head of Research, provided technical analysis, highlighting the tug-of-war between bulls and bears due to last-hour selling.

Chinchalkar remarked on the significant tactical duel, with the Nifty showing a doji pattern indicating overhead supply concerns. He pinpointed a trading range between 22,786 and 23,154, stressing the importance of these levels for market direction. Analysts predict market participants will continue to scrutinize these trends for clearer signals moving forward.

(With inputs from agencies.)