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Informist, Monday, Aug. 11, 2025

By Simran Rede

MUMBAI – Indian benchmark indices are seen moving in a tight range Tuesday as the direction of the market seems unclear due to a lack of immediate triggers, analysts said. The breakout of the Nifty 50 at either side of the range of 24450 points and 24750 points will eventually decide the direction of the index, they said. However, due to its oversold condition, the bias remains positive for the near term.

The Nifty 50 closed at 24585.05 points, up 221.75 points or 0.9%, and the BSE Sensex closed at 80604.08 points, up 746.29 points or 0.9%. India VIX, Dalal Street's fear indicator, closed at 12.2175, up 1.5%. The immediate resistance for the Nifty 50 is seen at 24750 points, and a breach of this level will further take the index to 24800 points, Ameya Ranadive, senior technical analyst at StoxBox, said. He has pegged the support for the index at 24500–24450 points.

The valuations of the Nifty 50 are a bit stretched, the head of research at a domestic brokerage said.  The 50-stock index is unlikely to test its all-time high level of 26277.35 points by the end of August. However, there are chances of it touching this level by December, the head of research said.

Despite an optimistic outlook on the market, analysts say a 5-10% correction in the Nifty 50 cannot be ruled out.

With the situation evolving on US tariffs, investors will watch out for India's actions to navigate US tariff threats amid negative domestic factors such as weak corporate earnings and expectations of rising inflation. So far, only pharmaceuticals and electronics goods are exempted from US tariffs. 

The only positive trigger seen for the market at the current stage is a potential trade deal with the US, Ranadive said. "If it happens, then maybe we might see (a rise). Because last time when it happened we saw a very good spike in the Nifty (50)," he said.

US trade negotiators are set to visit India for trade deal talks between Aug. 25-30, with India being optimistic about finalising the Bilateral Trade Agreement later this month, according to a media report. Effective Thursday, Indian exports to the US face a 25% tariff. The total tariffs on Indian goods will rise to 50% from Aug. 27 after the US last week levied an additional tariff of 25% for New Delhi's continued purchases of crude oil from Russia. Along with Brazil, the 50% tariff will be among the highest on any country.

Sanctions and secondary tariffs by the US and the European Union show that India may receive very little Russian oil in September. However, data suggests that a third of the contracted August deliveries of Russian oil are equally at risk, Business Standard newspaper reported Monday. This accounts for around 10% of India's overall crude imports for the month, the report said. At 1644 IST, the Brent Crude oil October futures contract on the Intercontinental Exchange was up 0.2% at $66.74 per barrel.

Back home, three Nifty 50 companies – Apollo Hospitals Enterprise, Hindalco Industries, and Oil and Natural Gas Corp. – are scheduled to announce their June quarter earnings Tuesday. Apollo Hospitals is likely to rise further on Tuesday, with the resistance pegged at INR 7,400 and support at INR 7,000. The stock closed at INR 7,259, up 2.5%. Hindalco is seen having a negative bias with the stock falling to INR 650-INR 600. Monday, the stock closed flat at INR 672.85.  End

Edited by Saji George Titus

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