Stock market opens tumultuously amidst global uncertainties

The stock market saw a cautious start to the trading day as a combination of global factors weighed in At the opening bell stock indices opened with losses in the low percentage range The trading session began with both the Sensex and Nifty in the red showing a degree of uncertainty in the marketThe Sensex opened lower shedding 39241 points from the previous close initiating the session at 6542412 Simultaneously the Nifty recorded a 134point decline starting at 1953775 raising initial concerns among traders and investorsThis bearish trend continued through the market opening with only four Nifty companies advancing while a significant 45 were in decline leaving one companys stock unchangedProminent gainers in the Nifty included Bajaj Auto IndusInd Bank LampT Mindtree Hero Motocorp and ITC In contrast notable losers encompassed companies such as Wipro Hindalco Tata Steel Power Grid and Bajaj FinanceThe market opened on a negative note in line with global cues influenced by the recent US Treasury yield which is nearing a 16year high Other global factors include rising oil prices and a Dow Jones Industrial Average that recently experienced a decline adding to the overall caution in the marketVarun Aggarwal founder and managing director Profit Idea said Nifty opened on negative note today following the global cues US Treasury yield near 16 years high oil jumps and Dow falls along with tension at Gaza Strip Market is again going down and moving in expected Opening Interest OI range of 1950020000 Bulls have defended 19500 levels quite well recentlyIt will be interesting to see how they defend the levels this time IT Pharma Banking Metals FMCG Media Realty stocks continue to look attractive Dip on these selected companys stocks can be good opportunity for investors Bias on Indian economy remains bullish despite global concerns Medium term target on Nifty remains 2046621410 Major support lies at 18887 Risk defined strategies are advised in this volatile market Aggarwal addedThe Nifty seems to be adhering to an expected OI range between 19500 and 20000 and market observers note that bulls have been defending the 19500 levels effectively in recent timesThis challenge puts an interesting spotlight on the markets ability to maintain this support amid various global concernsSectors such as Information Technology IT Pharmaceuticals Banking Metals FastMoving Consumer Goods FMCG Media and Real Estate are still holding investor interest and continue to appear attractiveDips in selected companies stocks could potentially present opportunities for investors in this fluctuating marketDespite global apprehensions the general sentiment surrounding the Indian economy remains bullish with a mediumterm target for the Nifty index hovering between 20466 and 21410In this volatile market experts recommend implementing riskdefined strategies to navigate potential uncertainties and market fluctuationsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever