The SENSEX index of Indian stocks showed a weak trend in morning trading.

In Wednesday morning trading, Indian stocks remained at the same level of around 81,751 dollars, with the rise in the high-tech sector, pharmaceuticals, and healthcare offsetting the decline in the real estate, banking sector, and metals, thus maintaining levels close to the all-time high.

Traders were cautious, waiting for NVIDIA's earnings to assess the sustainability of the high-tech rally and the demand for AI.

Furthermore, India's GDP for the second quarter, set to be announced on Friday, is expected to be 6.9%, the lowest level since the fourth quarter of 2022.

Market participants are expecting the release of US economic data, including GDP and PCE prices for the second quarter of 2024, this week.

LTIMindtree rose by 4.0%, IndusInd Bank by 1.7%, Wipro by 1.2%, while Hero MotoCorp fell by 1.3%, and Adani Enterprises by 0.8%.

The Nifty50 has continued its upward trend for 9 consecutive days, maintaining a positive RSI and MACD momentum indicator. While a consolidation is expected, the range of 25,100 to 25,200 will be the immediate focus levels as long as it holds above 25,000 on a closing basis. The 24,950 level serves as immediate support. With approaching the resistance line around 25,100, limited upside potential indicates a favorable risk-reward ratio for short positions, suggesting a selling pressure is imminent. The Anchor VWAP (Volume Weighted Average Price) indicates strong support near the 24,500 zone, making it likely for buying to resume here.

The FMCG sector is witnessing bearish divergences in RSI and bearish candlestick patterns, suggesting a temporary pause in the uptrend.

The pharmaceutical sector has broken out of the bullish continuation pattern once again, indicating a possible extension of the current strong uptrend.

Among the PSE stocks, PFC and REC have broken out, showing strong momentum.