Nifty Range-Bound: IT, FMCG Weakness vs. Auto, Metals Strength

The Nifty 50 index ended Thursday's session marginally lower, primarily due to underperformance in the IT and FMCG sectors. This decline was partially counteracted by positive momentum seen in the auto, metals, and realty sectors, leading to a mixed market sentiment.

This indicates a lack of strong directional conviction in the broader Indian market, with the Nifty trading within a defined range. Traders should be aware of the key resistance and support levels, as a breakout or breakdown could signal the next market trend. The sector rotation highlights selective buying interest.

IT and FMCG stocks are likely to face continued selling pressure or consolidation, while auto, metals, and realty stocks may show relative resilience. Traders should monitor individual stocks within these sectors for potential entry or exit points, rather than relying on broad market movements. For example, auto stocks like Maruti (MARUTI) or Tata Motors (TATAMOTORS) might see continued interest.

Traders should closely watch the Nifty's movement around the 23,400 support and 23,800-23,900 resistance levels. A decisive break on either side, accompanied by significant volume, would be a key indicator for the market's next direction. Global cues and FII/DII activity will also play a crucial role.

• •Nifty ended marginally lower.
• •IT and FMCG weakness offset gains in autos, metals and realty.
• •Analysts flagged resistance near key moving averages and bearish momentum.
• •Markets remain rangebound, with crucial support near 23,400 and resistance around 23,800–23,900 levels.
• •Risk flag: Rising commodity costs could squeeze margins for auto manufacturers.