Indian equity markets ended Tuesday's session on a subdued note with Nifty 50 slipping 10.60 points (-0.04%) to close at 23,985.35. According to reports from MarketSmith India, the Sensex finished marginally lower at 76,765.92, down 70 points (-0.09%). Market breadth remained weak with 1,160 stocks advancing, 2,133 declining, and 114 unchanged, indicating broader selling pressure beneath the surface. The mid and small-cap segments ended mixed, with Nifty Midcap 100 climbing 0.08% while Smallcap 100 declined 0.22%.
MarketSmith India has issued two stock recommendations for July 29, both positioned as buy opportunities. Nestle India Ltd is recommended at current price ₹1,490 with a buy range of ₹1,475-1,497 and target price of ₹1,650 in two to three months. The recommendation highlights Nestle's strong portfolio of trusted brands, market leadership, and consistent revenue growth. TVS Motor Co. Ltd is recommended at current price ₹3,990 with a buy range of ₹3,950-4,010 and target price of ₹5,000 in two to three months.
According to MarketSmith India, Nifty IT emerged as the standout outperformer with a gain of 3.32%, supported by buying in large-cap technology stocks. Other sectors showing positive momentum included Realty (+2.17%), Consumer Durables (+1.08%), and Auto (+0.69%). On the downside, FMCG declined 1.38%, PSU Bank fell 0.96%, Metal dropped 0.61%, and Private Bank declined 0.40%. The Nifty IT's strong performance was supported by buying in large-cap technology stocks, as reported by MarketSmith India.
As reported by MarketSmith India, Nifty 50 staged a strong rebound after bouncing from its rising trendline support, reaffirming the underlying strength of the prevailing uptrend. The index reclaimed its 50- and 100-DMAs, reversing the breakdown in the previous session. The Relative Strength Index (RSI) has turned higher and is hovering around the neutral 50 mark, indicating that bearish momentum is easing while buying interest is gradually returning. However, sustaining the current levels will be crucial to reinforce the ongoing recovery, with decisive break below 23,600 potentially triggering renewed selling pressure.
According to MarketSmith India, Nifty Bank closed at 56,755.60, down 331.60 points (-0.58%), trading below its 21- and 200-DMA while remaining above the 50- and 100-DMA. The index opened negatively at 56,883.55 and recovered to an intraday high of 57,054.20 before profit-booking emerged. Immediate support is placed at 56,670, followed by the 50-DMA near 56,413, with resistance at 57,050 and the 10- and 200-DMA cluster at 57,390-57,430.
