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Domestic benchmarks Nifty 50 and Sensex gave up their morning gains to see a seesaw session in the afternoon trade on Tuesday, April 29, as volatility spiked.

At 11:48 am, the Sensex was up 112.32 points or 0.14 percent at 80,330.69, and the Nifty was up 14.55 points or 0.06 percent at 24,343.05. About 1831 shares advanced, 1424 shares declined, and 118 shares unchanged.

The broader markets outperformed the benchmark indices, with the Nifty Smallcap 100 and Nifty Midcap 100 gaining up to half a percent each.

On the sectoral front, while IT and public bank stocks outperformed, there was some selling pressure seen in the auto, FMCG and pharmaceutical packs.

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"What message is the market sending? The market has discounted, as everyone else has, that there will be an appropriate response from India to the terrorist attacks, but the market hopes that tensions will not lead to a war which can have very bad consequences," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

Foreign Institutional Investors (FIIs) have resumed buying in India, pouring in nearly Rs 35,000 crore into domestic equities over nine consecutive sessions.

In the previous session, FIIs bought equities worth Rs 2,474 crore on April 28 as they extended buying, turning net buyers for the month. However, Domestic institutional investors (DIIs) extended their buying on the second day as they bought equities of Rs 2,817 crore.

"India’s potential relative outperformance compared to other large economies can support the FII inflows and impart resilience to the market," said Vijayakumar.

Given the current momentum, traders are advised to maintain a disciplined approach with strict risk management while capitalizing on short-term opportunities. Buying on dips may be considered as long as the Nifty index holds above the 23,800 level.

"On the downside, immediate support is seen at the 24,200 level, with a stronger base around the 24,000 zone. On the upside, the 24,500 level remains a key resistance. A decisive breakout above this level could open the door for a move towards the 24,700 mark," said Hardik Matalia, Derivative Analyst, Choice Broking.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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