Anil Singhvi explains why Sensex, Nifty are stuck in a range despite selling pressure

Stock Market: Indian equity benchmarks traded lower in the afternoon session on Tuesday as global risks and foreign fund selling weighed on sentiment.

The BSE Sensex fell 293.78 points, or 0.35 per cent, to 83,333.91 at around 2:07 pm.

The NSE Nifty 50 declined 77.60 points, or 0.30 per cent, to 25,654.70.

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The index had opened lower at 25,648.55, compared with its previous close of 25,732.30.

Why markets are unable to hold higher levels

Market expert Anil Singhvi, Managing Editor at Zee Business, said the market is finding it difficult to sustain upside momentum.

He said continuous selling by foreign institutional investors remains a key pressure point.

Geopolitical concerns, especially fears of a possible attack on Iran, have also increased uncertainty.

Singhvi added that crude oil prices moving above $65 a barrel are hurting sentiment.

Sharp selling in IT stocks after quarterly results has added to weakness.

The rupee has remained sluggish, which is another negative factor.

Retail investor sentiment, according to him, is also weak at current levels.

Why markets are not breaking sharply

Despite these headwinds, Singhvi said markets are showing resilience.

He pointed out that FIIs are providing buying support at lower levels.

The pace of FII selling has also slowed in recent sessions.

Strong quarterly results from public sector banks have supported Bank Nifty.

Buying interest in mid- and small-cap stocks has helped improve overall sentiment.

Metal stocks have emerged as a major support for the market during the current phase.

Key levels to watch on Nifty and Bank Nifty

Singhvi said Nifty has strong support in the 25,475 to 25,625 range.

For Bank Nifty, the support zone lies between 59,150 and 59,325.

On the upside, Nifty faces resistance in the 25,725 to 25,825 range.

Bank Nifty’s upper range is seen between 59,750 and 59,900.

What could trigger further movement

Singhvi warned that if Nifty closes below 25,600, downside pressure may increase.

A close below 59,250 on Bank Nifty could also deepen the fall.

On the positive side, a close above 25,900 on Nifty could strengthen the market trend.

For Bank Nifty, a close above 59,800 may signal further upside in the near term.