Mumbai, Nov 18 Indian stock markets opened lower on Tuesday as weak global cues weighed on investor sentiment. Both benchmark indices slipped 0.2 per cent at the opening bell.
The Sensex dropped 195 points to trade at 84,756 in early deals, while the Nifty fell 64 points to 25,949. Most heavyweight stocks were under pressure, dragging the indices down.
“Immediate resistance now lies at 26,100, followed by 26,150, while the 25,850–25,900 band is likely to offer meaningful support and serve as an accumulation zone for positional traders,” market experts said.
“These levels will remain crucial as the index navigates early weakness,” experts noted.
Tata Steel, Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, Larsen & Toubro, Mahindra & Mahindra, Tech Mahindra, HCL Tech, Sun Pharma and Titan were among the major laggards, declining between 0.5 per cent and 1 per cent.
However, a few stocks managed to stay in positive territory. Bharat Electronics, Bharti Airtel, Axis Bank, Eternal and State Bank of India were the only gainers on the Sensex, rising up to 0.5 per cent.
Broader markets also opened weak, with the Nifty MidCap index slipping 0.25 per cent and the Nifty SmallCap index falling 0.40 per cent.
Among sectoral indices, Nifty PSU Bank was the only one to trade higher, gaining 0.25 per cent. On the other hand, Nifty Realty and Nifty Metal dropped 0.8 per cent each, while the Nifty IT index fell 0.5 per cent.
The Bank Nifty mirrored the broader market’s resilience, reflecting renewed buying momentum.
“Strong support is identified at 58,600, and a breakdown below this mark may trigger a modest decline toward 58,800,” market watchers mentioned.
“On the upside, resistance at 59,100 remains a key barrier, and a sustained breakout above this level may open the path toward 59,300, indicating potential continuation of the bullish trend,” experts stated.
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