On July 26th, the Sensex and Nifty started with modest gains, showing cautious optimism in the stock market.

Nifty and Sensex started the day with gains, with Nifty up 0.34% at 24,488 points and Sensex rising by 167 points to 80,206.95 points as of 9:30 am. Most broad market indices saw an increase, except for India VIX, which dropped over 3%. The Metal and IT indices each gained more than 1%, while the Bank, FMCG, and Private Bank sectors saw declines.

Stocks like Shri Ram Finance, Bharti Airtel, LTI Mindtree, Hindalco, and Coal India performed well early on, whereas Tech Mahindra, Nestle India, HDFC Bank, Maruti, and ONGC experienced notable losses.

Aditya Gaggar, Director at Progressive Shares, mentioned that the market closed on a subdued note yesterday at 24,406. He highlighted 24,200 as a strong support level for the Nifty, which should help maintain the uptrend as long as it holds. On the upside, 24,560 is seen as a significant resistance level. For the Bank Nifty, he noted a challenging recovery ahead.

For the Sensex, immediate support is at the 50 DMA level of 50,680, with major resistance at 51,200. He also pointed out that Tata Motors and Tata Motors DVR have broken out from a four-month consolidation period with strong volumes. Energy sector stocks, including BPCL, HPCL, IOC, and Petronet, are showing strong breakouts. While FMCG stocks are undergoing profit-taking, this presents a potential buying opportunity for quality stocks. Gaggar remains optimistic about the tech sector.