The Nifty held above the 24,800 level, led by IT stocks. It ultimately ended the session in the green, gaining 81 points to settle at 24,834.
The rebound in sentiment was supported by positive global cues, particularly after a US federal court struck down President Donald Trump’s blanket tariffs on imports from US trading partners.
Midcap and Smallcap indices continued their outperformance as compared to the benchmark indices. The Nifty Midcap 100 gained 0.55% while Nifty smallcap 100 index rose 0.59%.
Barring Nifty FMCG and PSU Banks, all other sectoral indices ended the day in the green. Among them, Nifty Metals, Realty, Pharma, and IT were the major gainers.
IndusInd was the top Nifty gainer, rising 2% despite SEBI’s insider trading order. All five key management personnel (KMPs), including former MD & CEO Sumant Kathpalia, former deputy CEO Arun Khurana and three other officials, have been barred from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever, until further orders.
Going ahead, market attention will shift to earnings reports from Apollo Hospital, Vodafone Idea, Nykaa, AstraZeneca Pharma, Genus Power & Infra, Titagarh Rail Systems, KNR constructions, Easy Trip Planners, Inox Wind, Inox Green Energy Services, among others.
Additionally, Bajaj Auto, Mazagon Dock, NBCC, Lemon Tree Hotels, Amara Raja, which released its earnings after market hours today, will also remain in focus.
What do the Nifty 50 charts indicate?
Nifty is into continuation of a short-term consolidation trend. The 20-day EMA has now moved up to 24618, which is expected to serve as immediate support, while the 24900-25000 band is likely to continue acting as a resistance zone for the Nifty.
According to Devarsh Vakil of HDFC Securities, Nifty is expected to see a short-term consolidation trend. “The 20-day EMA has now moved up to 24618, which is expected to serve as immediate support, while the 24,900-25,000 band is likely to continue acting as a resistance zone for the Nifty.”
Hrishikesh Yedve of Asit C Mehta Investment Interrmediates advised traders to follow buy on dips strategy. On the upside, the index is likely to face strong resistance near the 25,000–25,100 zone, he said.
Bajaj Broking expects the index to maintain its positive bias and head towards 25,200-25,300 levels in the coming sessions. Immediate bias remains positive above the immediate support area of 24,700-24,650.
“The index continues to consolidate in the range of 25,200-24,400 in the last 12 sessions. We believe index will extend the consolidation. On the lower side 24,700-24,650 is likely to act as immediate support while short-term support is seen at 24,400–24,500 being confluence of 20 days EMA, previous breakout area and last 2 weeks lows,” the brokerage firm added.
LKP Securities’ Rupak De said the momentum of Nifty 50 continues to remain weak. “The next crucial support is seen at 24,670. If the index falls below this level, a sharp correction may occur, potentially dragging the index down to 24,400/24,300. On the other hand, if Nifty holds above 24,670, it could witness a smart recovery towards 25,000 or 25,150 in the short term.”
What do the Nifty Bank charts indicate?
The Nifty Bank ended the session at 55,546.05, up 129 points or 0.23%.
Analysts say the index has remained within a narrow zone for several sessions but continues to hold above the 20-day SMA and ascending trendline, keeping the short-term outlook constructive.
“A move above 55,900 could open the way for a retest of all-time highs, while sliding below 55,100 may attract mild pressure,” said Om Mehra of SAMCO Securities.
“On the upside, it continues to face resistance near the 56,000–56,100 zone. On the downside, the 21-DEMA support is placed near 54,900. As long as the index remains above this level, a relief rally towards 56,000 cannot be ruled out,” Yedve said.
