12/08/2026
12.08.2026:
NIFTY 50 24435.95 -35.75 (-0.15%)
NIFTY BANK 57885.85 +439.60 (0.77%)
Even though Gift Nifty was up almost 50pts it retraced back all gains in early morning. US/Asian mkt cues too were subdued as overall sentiment too was subdued to mildly bearish. Thus, pre-opening too settled flat as Nifty headed southwards from opening itself. Nifty easily broke below y'day's low as sentiment was weak & bearish. After dipping over 100pts Nifty tried to make a comeback as BkNifty bounced back sharply. However, sharp selloff in IT pack & mainly TCS (over 4%) & Tata group companies dashed all hopes of rebound. News of Tata Sons Chairman N Chandrasekharan resigning sent sharp bearishness in Tata stocks & mkt too. After dipping over 200pts to 24360 in Fut & 24270 in spot Nifty began to consolidate as selling exhaustion came to be seen. Thus, Consolidation around 24360-24400 in Fut proved fruitful for bulls as it converted into a Demand Zone forcing a decent recovery in late trade. Thanks to the sharp bearish momentum built in the morning Nifty broke even below 24300 to a low of 24267 but managed a good bounceback by close thanks to some tacit rescue buying in banks & supported by resurgent Telecom - Bharti Airtel on news of fresh tariff hike. Now, although Nifty has retraced back most of gains from CAS any dip to around 24350-24400 in spot may get bought into tomorrow as lots of short-selling was done during the day who might look for a covering opportunity. Also, sharp surge in DII buying today clearly indicated aggressive interventionist buying by them & thus warrants a danger for shorts & bears for now. Nifty if manages to stay 24400 tomorrow might look to reconquer 24500 mainly on technical strength. If not then retesting of today's or 24300 is a good possibility. Mid100 though was in green as broader mkt continues to show strong resilience.