The benchmark index stalled at 22,750 on Tuesday, a marginal dip that signaled caution ahead of the monthly expiry. It opened negative, tracking GIFT Nifty cues, before a sharp mid-session drop erased any early gains. A late recovery kept the index from closing in the red, but the struggle near 22,800 was clear. IT stocks saw profit booking, while financials lagged. Capital market names, however, surged on speculation about changes to long-term capital gains tax and securities transaction tax, with BSE up over 2%.
Tata Consumer Products led the charge, jumping nearly 7% on September-quarter results that met expectations. But the real story for Wednesday is the Jio Platforms listing. The company is set to debut on exchanges following a fresh issue of ₹30,213 crore. This massive liquidity event, combined with the US Fed’s policy decision, will dictate the tone. Corporate earnings from Hindustan Unilever, Adani Ports, and Vedanta also add to the noise.
Nagaraj Shetti of HDFC Securities argues the underlying trend remains positive. He expects a break above 22,800 soon, which could push the index toward 23,100. Support sits at 22,600. Osho Krishan of Angel One sees 22,500–22,600 as the critical floor. Above that, 22,850 is the first hurdle, with 23,000 as the major resistance. A sustained breakout is needed to turn the technical picture bullish.
Vatsal Bhuva of LKP Securities notes the Nifty closed above its 20-day and 200-week moving averages after a brief dip. This suggests buyers are stepping in at lower levels, even if sellers are active at 22,800. He predicts a sideways to mildly positive near-term move. Sunny Agrawal of SBI Securities emphasizes that domestic fundamentals and long-term growth prospects remain intact, despite global macroeconomic volatility.