On Monday, the benchmark index Nifty resumed its northward journey after two sessions of profit booking, buoyed by improving global sentiment. Easing U.S.-China trade tensions and cooler-than-expected U.S. inflation data reinforced market expectations that the U.S. Federal Reserve could cut interest rates by another 50 basis points before year-end. The upbeat global cues provided a strong backdrop for domestic equities, helping markets extend their gains through the session.
Finally, the Nifty closed above the 25950 mark, adding 0.66% for the day, reflecting renewed buying interest across key sectors.
Among the Nifty constituents, Grasim Industries, SBI Life, and Bharti Airtel led the gainers’ list, while Kotak Mahindra Bank and BEL witnessed mild selling pressure and ended in the red.
Sectorally, the market breadth remained largely positive. Except for Nifty Media and Pharma, all major sectoral indices ended higher. Strong momentum was seen in PSU Bank, Oil & Gas, and Realty spaces, which outperformed and led the day’s advance.
The broader market also outshone the frontline indices, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices delivering stronger gains. The advance-decline ratio remained firmly in favour of the bulls — out of the Nifty 500 universe, 296 stocks closed in the green, underscoring robust participation across the board.
Nifty View
The benchmark index Nifty ended on a positive note after two consecutive sessions of profit booking, signalling a return of bullish momentum. On the daily chart, the index has formed a bullish candle with a minor upper shadow, indicating sustained buying interest at lower levels.
With prices comfortably trading above key moving averages, the overall trend remains constructive. The daily RSI continues to hover in the bullish zone, suggesting underlying strength and room for further upside if follow-through buying emerges.
Talking about crucial levels, the zone of 26070-26100 will act as a crucial hurdle for the index. Any sustainable move above 26100 will lead to a sharp upside rally upto the 26250 level. While, on the downside, the zone of 25830-25800 will act as important support for the index.
Bank Nifty View
The banking benchmark index Bank Nifty also closed on a positive note after two sessions of profit booking, extending its dominant uptrend. Trading at all-time high levels, the index continues to exhibit strong bullish undertones, with all major moving averages and momentum indicators aligned in favour of the bulls.
Going ahead, the zone of 58500–58600 is likely to act as a crucial resistance area for the index. A decisive breakout and sustained move above 58600 could trigger a sharp upside rally towards 59100, followed by 59500 in the near term. On the flip side, the zone of 57700–57600 is expected to offer strong support, and any dip towards this area may attract buying interest.
