Stocktwits - The Indian equity market remained rangebound in early trade on Tuesday as benchmark indices struggled for direction after a choppy start to the week.
The Nifty 50 continued to hover below the psychologically significant 25,000 mark — an area that has acted as stiff resistance in recent sessions.
By 9:45 a.m. IST, the Nifty 50 was down 27 points at 24,918, while the Sensex was down 82 points at 81,977.
Broader markets were mildly in the red, reflecting a cautious undertone among investors.
Retail sentiment on Stocktwits, however, remains ‘bullish’ for the Nifty.
Nifty sentiment and message volume on May 20 as of 9:30 am IST. | source: StocktwitsSectoral performance was mixed. Tech stocks extended gains for the second straight session, followed by strength in metals and FMCG.
However, the realty sector led losses alongside railway and defense-related counters, which saw profit booking after a strong recent rally.
Metals rallied sharply, following a surprise rate cut from China’s central bank, boosting sentiment in the commodity-linked sector. Tata Steel (NSE:TISC) surged 3%, while Hindalco (NSE:HALC) and JSW Steel (NSE:JSTL) gained over 2% each.
Conversely, defense stocks saw sharp declines: Cochin Shipyard (NSE:COCH) dropped 5%, Garden Reach fell 3%, and Paras Defence lost 4%.
Railway stocks followed suit with RVNL and IRFC down 3%, while Titagarh and RailTel slipped around 4%.
DLF (NSE:DLF) rose 1% among individual gainers after posting a robust 39% rise in profits, driven by increased revenue and record sales bookings due to strong demand for luxury housing.
On the losing side, Mobikwik slumped 5% after reporting wider losses in the March quarter despite solid growth in its payments business.
In contrast, Redington rallied 5% as its Q4 net profit surged 183% to ₹917.7 crore.
IndusInd Bank (NSE:INBK) remained subdued in early trade amid reports that the market regulator is investigating six officials for alleged insider trading, adding to the lender’s ongoing troubles.
Investors will monitor Hindalco, Zydus Life, Dixon Tech, Solar Industries, Torrent Pharma (NSE:TORP), and United Spirits (NSE:UNSP) as they report quarterly numbers later in the day.
From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.
Prabhat Mittal pegged immediate support for the Nifty at 24,900 and resistance at 25,120, while he placed Bank Nifty support at 55,300 and resistance at 55,800
Ashish Kyal observes that the Nifty 50 index displays a positive bias, with a clear technical setup suggesting that a 15-minute close above 25,070 will likely resume the upward trend.
In this scenario, the index could first target the 25,150 level, followed by a potential move towards 25,300. On the downside, immediate support is identified at 24,830, serving as a crucial level for traders to monitor in case of any pullback.
Kyal emphasizes that the timing, especially in the first half of the trading session, favors buyers. A confirmed price breakout above the specified level would present an actionable opportunity for short-term traders to enter the market.
Globally, Asian markets traded higher after the People’s Bank of China lowered rates to stimulate economic activity.