Sensex, Nifty, Share Prices LIVE: The short-term outlook is bullish for Gulf Oil Lubricants India. The share price has surged about 20 per cent over the last one week. So, clearly the stock has outperformed the benchmark indices. Supports are at ₹1,115 and ₹1,090. Any intermediate dips can be limited to these supports. Fresh buyers are likely to come in at lower levels. Moving Average cross overs on the daily chart also strengthens the bullish case.
“The US tariff threats continued to impact the market sentiment. Domestic yield is inching higher as investors stay cautious on riskier assets and navigate their investments to safe haven assets like gold,” said Vinod Nair, Head of Research at Geojit Financial Services.
The market breadth was decisively negative, with 3,032 stocks declining against 1,070 advances on the BSE. The selloff was particularly severe in the midcap and smallcap segments, with the Nifty Midcap Select index dropping 1.84 per cent to 11,790.05.
Adding to market woes, the Indian rupee hit a historic low of 87.95 against the dollar before partially recovering. “The continued outflow of funds post-budget and RBI policy weighed on sentiment, as neither event provided any substantial reforms or structural shifts beyond higher tax slabs for retail and a minor rate cut from the RBI,” noted Jateen Trivedi, VP Research Analyst at LKP Securities.
levels: “Looking ahead, 23,200 emerges as a crucial support level, and a decisive break below it could strengthen the bearish sentiment, potentially dragging the index toward its January low of 22,800.”
💪Osho Krishnan, Sr. Analyst at Angel One, emphasized the technical aspects: “Nifty concluded below 20 DEMA after seven sessions, followed by a negative crossover in the RSI. The zone of 23300-23200 is likely to serve as crucial support, while a break below the same could push prices back toward the 23000 psychological zone.”
💪Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates, noted the volatility spike: “The volatility index, India VIX, rose 5.55 per cent to 14.45, indicating an increase in market volatility. However, the index found support near the 21-Days simple moving average (DSMA), which is placed around 23,290.”
👉Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted the technical weakness in the market: “After a muted opening, the market slipped below 23,500/77600, and following this breakdown, selling pressure intensified. We believe that the current market texture is weak, but a fresh sell-off is only possible if the 20-day SMA or 23,300/77000 is dismissed.”
The bearish sentiment was further emphasized by Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, who pointed out that “a long bear candle was formed on the daily chart, that has started to move below the crucial cluster supports of around 23400 levels. Having moved below the crucial supports of 23400, one may expect the market to slide down to 23200 and lower in the short term.”
👉Devarsh Vakil, Head of Prime Research at HDFC Securities, highlighted the severity of the market decline: “The bloodbath in mid and small-cap segments proved particularly severe. The Nifty Midcap index bore the brunt of the selling spree, nosediving 2.1 per cent to 52,471, significantly underperforming its large-cap counterparts.”
👉Ajit Mishra, SVP Research at Religare Broking, warned about crucial support levels: “Looking ahead, 23,200 emerges as a crucial support level, and a decisive break below it could strengthen the bearish sentiment, potentially dragging the index toward its January low of 22,800.”
👉MCX Zinc contract can rise to ₹280-₹285 on a break
Zinc Price has recovered very well last week. The Zinc Futures traded on the Multi Commodity Exchange (MCX) had risen about 3 per
cent. It is currently trading at ₹271 per kg.
👉On the Multi Commodity Exchange, gold contracts for April delivery hit a record high of ₹85,680 per 10 grams in early trade
Gold prices on Monday hit a fresh all-time high of ₹85,680 per 10 grams in futures trade in line with firm global trends.
On the Multi Commodity Exchange, gold contracts for April delivery hit a record high of ₹85,680 per 10 grams in early trade.
The contract later pared some gains to trade ₹786 or 0.93 per cent higher at ₹85,674 per 10 grams with an open interest of 17,497 lots.
According to analysts, gold prices continued to rise as escalating trade tensions between the US and China prompted investors to seek refuge in the safe-haven asset.
"US President Donald Trump...kick-started a trade war as he followed through on his threat to impose new duties on China, though he granted Mexico and Canada a one-month reprieve," Manav Modi, Analyst - Commodity Research at MOFSL, said.
Globally, gold futures jumped 1.13 per cent to hit a lifetime high of $2,921.91 per ounce in New York.
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