India celebrates its Independence Day today, August 15, 2024. In honor of the holiday, the National Stock Exchange (NSE) will not be open for trading. Looking at the market performance of yesterday, the BSE Sensex went up by 149.85 points or 0.19% to close at Rs 79,105.88.

The Nifty 50 settled slightly higher by inching up approximately 4.75 points or 0.020%, to stay at Rs 24,143.75 while on the other hand Nifty Bank observed a slight downside fall losing around 104.55 points or -0.21%, ending up at Rs 49,727.30. The Sensex had traded between high prices of Rs 78,895.72 and Rs 79,22894 on this particular day whereas Nifty50 had traded in a range of lower level of Rs 24,099,.70 and upper level of Rs 24,196,.50

Nifty 50 Index: TradingView

The market overall trend has turned bearish with Nifty closing below the key support level of Rs 24,074 while Sensex breached Rs 7,792.23 levels.We are closely watching stocks’ behaviour in the coming days to decide about the broader market’s direction. There are doubts as to whether this decline can turn into a prolonged bearish phase or simply be a pullback before resuming an upward move.

Reliance Industries Limited (RIL), among others, remain the top stock to watch out for after it closed at Rs 2,923.70 on  Wednesday down by -0.12%. The stock is looking bearish already forming a potential head and shoulders pattern. Should it maintain a downtrend then RIL may test support near Rs 2,785 but any attempts towards the upside will face resistance around Rs 3,000.

Tata Consultancy Services was bullish closing at Rs 4,295.25. The stock is now aiming for its next target area which lies around  Rs 4,431, with a possible support below at fair value gap in case it retraces.

Infosys also showed bullish behavior closing at Rs 1,823.25. The stock is approaching its next target of Rs 1,903 which coincides with ascending trendline resistance. A break out above the level could signal continued bullish momentum, while rejection might lead to a drop towards the Rs 1,730 support level.

HDFC Bank saw a slight 0.29% increase closing at Rs 1,607.80. The stock’s chart shows a pattern of gap-filling in the last 2 scenarios, suggesting the possibility of an upward move to fill a recent gap, which could act as new resistance. Support is currently provided by an ascending trendline below.

ICICI Bank is currently in a bearish trend closing at Rs 1,161.65 after a 0.57% drop on Wednesday. The stock’s next target lies at the ascending channel support around Rs 1,125.

As the market reopens after the Independence Day holiday, we will be keen to see how these key top stocks perform and whether the overall market sentiment shifts.