August 29, 2025

Indian stock markets danced to a tricky tune on Thursday! The Nifty index first dipped to 24,500 early in the day but then made a comeback, showing signs of life despite the rocky ride. Market watcher Rahul Sharma told ET Now the past day and a half was like a "roller coaster ride" for investors, thanks to ongoing market ups and downs and monthly expiry jitters. Sharma pointed out that the gap from GST day had been covered and noted that foreign institutional investors (FIIs) were taking more short positions, which gave bears the edge today. The magic number to watch closely? "The 24,600 level is very important for the second half of the session," Sharma explained. "If the market stays below 24,600, we might visit 24,500 or even 24,450 again. But if it holds above 24,600 in the next one to one and a half hours, we could see a rise toward 24,750 by day-end." So, hang tight—volatility is expected to continue. Sharma also highlighted that in this current setup, selling when prices rise seems to be the winning strategy. What about Bank Nifty? Its put-call ratio recently hit a one-year low, signaling the morning sell-off might have been too strong. "At 54,000, the risk for new short bets isn’t good," Sharma said, hinting investors might want to wait it out. But any bounce could shoot Bank Nifty up by a stunning 800 to 1,000 points! If Bank Nifty can hold the 54,220 mark until 2 PM, there's a good chance we’ll see some serious short covering and even a positive close. With the market’s tariff news now baked in and the week being shorter, Sharma advises, "Take it one day at a time." Watch for any triggers that might cause quick buying after shorts are covered. The full story of today’s market dance will likely unfold only in the final hours of trading. So, eyes peeled and boots ready for this thrilling market ride!

Read More at Economictimes →

Tags: Nifty, Bank nifty, Rahul sharma, Market volatility, Monthly expiry, Stock market,