Nifty Faces Resistance at 25,300; CreditAccess Surges 6%
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Summary: Benchmark struggles near key level as selective buying lifts CreditAccess despite cautious market tone.
The Nifty 50 struggled to break past the 25,300 barrier on Wednesday, with selling pressure near the important resistance level. After a steady start, the index gave up momentum as traders chose to book profits, keeping the broader market range-bound for most of the session.
While the headline index looked hesitant, stock-specific action stood out. CreditAccess Grameen surged over 6%, becoming one of the index's top gainers. The increase was driven by strong buying demand, with market participants responding positively to projections of improving asset quality and a good growth outlook in the microfinance sector.
The sentiment in the market is mixed. Banking and IT stocks traded cautiously, offering little support to the index, while select mid-cap and financial names saw pockets of buying. Analysts said the Nifty’s inability to cross 25,300 suggests investors are unwilling to chase prices higher without fresh triggers.
Market breadth was narrowly mixed, reflecting the lack of broad participation. Traders pointed out that 25,200–25,250 continues to act as a short-term support zone, while 25,300–25,350 remains a stiff ceiling. A decisive move on either side is likely to set the tone for the next leg.
For the time being, the market appears to be in a wait-and-see mode, with investors focusing on individual stocks like CreditAccess rather than making aggressive index bets. Global signals, new economic information, and profit reports are anticipated to significantly influence market trends in the upcoming sessions.
