More Stories

Informist, Tuesday, Jul. 29, 2025

By Akash Mandal

MUMBAI – The benchmark indices may rise a bit more ahead of the monthly expiry of the derivatives contracts of the Nifty 50 Thursday, analysts said. This is because some sections of the market are oversold and the benchmark indices have underperformed the past few weeks. Wednesday, the Nifty 50 is likely to find support at 24550 points and encounter resistance at 25000 points.

"Rebound can be extended further citing the oversold positions in select heavyweights... Reliance (Industries), IT (information technology) majors, and also a few banking majors are still in an oversold zone," said Ajit Mishra, senior vice-president, technical research, at Religare Broking.

Rupak De, senior technical analyst at LKP Securities, was also positive for the near term. "Nifty formed a bullish engulfing pattern on the daily chart, suggesting the possibility of a meaningful bullish reversal... in addition, a hidden positive divergence is visible on the daily chart, further indicating the potential for a smart recovery in the short term," De said in a note.

Options data show, however, that traders are not confident of seeing sharp gains as they sold out-of-the-money call options above 25000 strike prices. The sentiment has been weighed down by factors such as the weak June quarter financial results so far, delay in a trade deal between India and the US, and persistent selling by foreign investors, which has put the benchmark indices under pressure.

Tuesday, the Nifty 50 ended 0.6% higher at 24821.10 points, up 140.20 points. The BSE Sensex closed at 81337.95 points, up 446.93 points or 0.6%. Both indices snapped a three-session losing run.

On the earnings front, investors will react to the June quarter earnings of Larsen & Toubro, which was released after 1700 IST, and NTPC, due later in the day. Wednesday, Tata Steel is the only Nifty 50 company scheduled to report its quartely earnings. The steelmaker's consolidated net profit is projected to rise over 76% on year to INR 16.9 billion due to an improvement in price realisation and moderation in coking coal prices. Hyundai Motor India, InterGlobe Aviation, Punjab National Bank, Indraprastha Gas, Indus Towers, and KPIT Technologies are the other major companies set to report their quarterly earnings during the day.

On the global front, investors will eye the US Federal Open Market Committee meeting decision due after market hours Wednesday. The FOMC is widely expected to keep the benchmark rates unchanged as concern persists of a potential rise in inflation after US President Donald Trump's reciprocal tariffs start kick in.  End

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.