Indian Stocks Rebound as Market Analysts Suggest Buying on Dips

The Indian stock market experienced its fifth straight losing session on July 24 due to rising crude oil prices amid the US-Iran conflict, leading to a decline in investor sentiment. The Sensex fell by 332 points or 0.43% to close at 76,059.77 while the Nifty 50 declined by 102 points or 0.43% to settle at 23,767.45.

Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, noted that despite the weakness in benchmark indices, sectoral performance remained selective with Chemical, Metal, and FMCG sectors outperforming and closing in positive territory.

Dongre emphasized that the Nifty 50 closed marginally below the crucial 23,800 support level but remains constructive. He recommended a buy-on-dips strategy as the technical structure is positive despite recent correction.

The Bank Nifty witnessed broad-based profit booking, declining by nearly 3% and closing at 56,693 exactly around its 200-day EMA. Dongre stated that the index continues to hold this crucial support reinforcing a constructive medium-term outlook.