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Informist, Monday, Aug. 10, 2026

 

By Gopika Balasubramanium

 

MUMBAI – Technical analysts expect benchmark equity indices to move in a thin range on Tuesday amid uncertainty around the situation at Strait of Hormuz hitting trader sentiment. Technical charts show an equillibrium between sellers and buyers, rather than a decisive direction, analysts said. The price discovery through closing auction on Monday did not show disparity between the two headline indices, giving some relief to traders, who were perplexed due to a last-minute spike in closing levels last week. 

 

In the near term, some analysts see the upside for the benchmark indices to be limited even though Apr-Jun corporate earnings have been more or less in line with expectations. Traders would be cautious on whether to deploy new money in the market as the war in West Asia does not seem likely to end in the near term, though its impact has been priced in. In the latest, US President Donald Trump said Washington was only "semi-negotiating" with Tehran and would wait for economic pressure on Iran to intensify.

 

"As earnings announcements taper off, investors are likely to focus on the sustainability of the earnings recovery and emerging sectoral trends," Siddhartha Khemka, head of research – wealth management, Motilal Oswal Financial Services, said in a note. "Developments around the US-Iran negotiations, crude oil prices and US inflation data will remain key drivers of market direction and global risk appetite," he added.

 

On Monday, the India VIX ended around 1% higher, after spiking more than 6% during the session, showing nervousness among market participants. The Nifty 50 closed at 24583.80 points, up 13.315 points or 0.1%. The index was choppy throughout the session, and moved between 24511.10 points and 24620.95 points. The BSE Sensex closed at 78542.44 points, up 43.27 points or 0.1%. While small-cap indices closed in the red, mid-cap indices gained 0.5-0.7%.  

 

"As long as Nifty (50) sustains above the previous breakout support area (support as per change in polarity) around 24300-24400 levels, there is a higher probability of decisive bounce from here or from the lower levels," said Nagraj Shetti, senior technical analyst at HDFC Securities. "Hence, any further weakness from here could be a buying opportunity. However, a decisive breakout above 24775 is expected to open sharp upside in the near term," he added.

 

The progress of the southwest monsoon in India will also be monitored as there are concerns that a slowdown would impact inflation substantially, said analysts.  End

 

Edited by Avishek Dutta

 

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