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Informist, Tuesday, Aug. 11, 2026

 

By Gopika Balasubramanium

MUMBAI – Analysts expect headline indices to remain range-bound in the near term amid a sharp rise in crude oil prices as hopes of a peace deal between the US and Iran fade. Technical analysts said that there is lack of buying conviction among market participants, setting a cautious tone, as the situation in West Asia sees no brisk resolution. However, back home, corporate earnings for the June quarter have been slightly better than expected, and foreign investors have started showing enthusiasm towards India, as they looked past the trend of chip-trade in other Asian markets. 

 

Iran has maintained its stance that for the Strait of Hormuz to open, the US must compensate Iran for the war and end its sanctions. US President Donald Trump, in response, said Iran must pay compensation for "all of the people that they have killed and gravely wounded," several media reports said. Oil prices hit a one-week high of $90 a barrel on Tuesday. At 1655 IST, the October futures contract of Brent Crude oil was at $87.3 a barrel.

 

The lack of buying interest from traders for some sessions now indicates that there could be a dip in the Nifty 50 towards 24300 points, before it rebounds from those lows, Nagaraj Shetti, technical anlayst at HDFC Securuties, said. "The consolidation/choppy movement is likely to continue for the short term. The next lower supports to be watched around 24300 levels," Shetti added. Technical analysts expect the sentiment to remain positive as long as the index sustains above 24400 points.

 

On expiry day Tuesday, traders placed bearish bets in the options chain of the 50-stock index in contracts expiring next week. This indicates sentiment in the market leans towards negative. Call and put contracts with a strike price of 24500 expiring Aug. 18 saw the next highest activity. However, the bets were substantially bearish. Traders wrote call contracts at that strike price and bought put contracts. At 24500-call, the premium was around INR 140, the highest among other contracts. Similarly, at 24500-put, the premium was INR 141.30, up 33% from Monday.

 

Notably, the gap between the closing levels of the two indices narrowed for the second straight session on Tuesday. The Nifty 50 settled at 24471.70 points, down 112.10 points or 0.5%. During the day, the index fell as low as 24429.25 points, close to the support level of 24000 points. Broader market indices were mixed on Tuesday, with small-cap indices closing higher and mid-cap indices ending in the red. The BSE Sensex closed at 78154.25 points, down 388.18 points or 0.5%. End

"...the index has fallen below critical near-term moving averages, indicating some weakness in the short-term trend," Rupak De, senior technical analyst at LKP Securities said." However, on the lower end, 24,400 remains an immediate support, and any decline is likely to find buying interest around this level, he added. On the other hand, De expects the index to face resistance at 24600–24650 points.  End

 

Edited by Avishek Dutta

 

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