Stock Market Today: Nifty Down 71 Pts; Key Levels To Watch For Nifty, Sensex And Nifty Bank

Stock Market Today: The S&P BSE Sensex, India's benchmark equity index, opened on a subdued note this Tuesday, July 29, 2025, mirroring the cautious sentiment prevailing across Asian markets and following a largely flat session on Wall Street. The Sensex is currently trading at 80,779.04, registering a decline of 0.14% from its previous close. On the other hand, Nifty opened with a notable decline on Tuesday, July 29, 2025, signaling a weak start for the market.. GIFT Nifty traded down by 71.25 points, a 0.29% fall, at 24,609.65 points in the pre-open session, indicating a muted start for Indian equities.The negative mood among investors was evident as the Nifty 50 saw significant losses for a third consecutive session.

Dwindling Investor Confidence Ahead of US-India Tariff Deadline
Investor confidence is dwindling as the US and India continue trade deal negotiations with tariffs set to escalate on August 1. US President Donald Trump has indicated a potential increase to 15-20% tariffs on imports from countries without a trade deal, creating uncertainty for India.

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Weak Q1 Earnings Weigh on Sentiment
Disappointing Q1 earnings results from major banks, financial companies, and IT firms have further eroded investor confidence. This has been significantly impacted by Kotak Mahindra Bank's reported 7% year-on-year decline in standalone net profit for Q1 FY26 (June quarter), primarily due to increased provisions and shrinking margins. Additionally, Tata Consultancy Services (TCS) announced plans to reduce its global workforce by approximately 2% (around 12,000 employees) over the coming year, largely affecting senior and middle-level roles, which has further hurt the IT sector's outlook.

Key Levels to Watch
Analysts suggest closely monitoring critical support and resistance levels in this volatile market:

Nifty 50: A fall below 24,550 is considered a red signal for investors, potentially leading to further declines. Strong immediate support is anticipated around the 24,500 level. Conversely, strong resistance for Nifty is seen at the 24,800-24,880 zone. A sustained close above 24,800 would be crucial to revive bullish momentum.

Nifty Bank: The banking sector appears weak, having closed below its immediate support area of 56,200-56,300 on Monday. Further weakness could push the index towards 55,500, which aligns with the 100-day EMA and important Fibonacci retracement levels, acting as a key support zone. Resistance for Nifty Bank is expected in the 56,425-56,575 range, with a stronger sell zone at 56,700-56,850.

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Overall Market Sentiment:
The market is currently stuck in a cautious phase. This is largely due to ongoing Q1 earnings releases and significant global economic uncertainties. For long-term investors, careful stock selection is advised. A sustained recovery and renewed confidence in the Indian market would likely depend on foreign investors increasing their capital inflows and an improvement in global economic indicators.