After opening on a positive note, the market slipped from intraday highs in the first half. However, strong buying emerged post 1 pm near the 24,000 mark, lifting the index sharply into the close, with the Nifty ending near the day’s high.
Sentiment improved on the back of supportive global cues, including optimism around a potential US-Iran deal. Easing indicators such as the rupee, crude oil prices, bond yields and the volatility index also aided the late rally.
On the sectoral front, PSU banks led the gains, followed by financial services stocks. In contrast, CPSE and energy indices ended as the top laggards. Among stocks, InterGlobe Aviation and TVS Motor were among the top gainers, while Oil and Natural Gas Corporation and Reliance Industries closed lower.
Broader markets continued to outperform benchmarks. The Midcap index broke above the key resistance zone of 60,950-61,000 on the daily charts, while the Smallcap index also moved out of its recent consolidation range of 17,817-18,233, signalling sustained strength.
According to Nagaraj Shetti, the Nifty is on the verge of breaking above the key resistance level of 24,300. A sustained move above this could open further upside towards 24,600-24,800, while immediate support is placed at 24,200.
Nilesh Jain said the index has established a strong support base around 24,000, aligned with both its 21-day and 50-day moving averages.
He sees potential upside towards 24,500, with easing volatility supporting bullish momentum.
Rupak De said that although the Nifty has remained below its 50 EMA for eight sessions, indicating a broader weak trend, short-term charts show signs of recovery, with higher lows forming.
He expects near-term upside towards 24,285-24,350, with support at 23,880.
Meanwhile, the Bank Nifty index broke out of its recent consolidation range of 54,222-55,602 and closed above its 20-day EMA for the first time since April 27, supported by strong volumes, indicating improving momentum.
Sudeep Shah said immediate resistance for Bank Nifty is placed at 56,300-56,400.
A sustained move above this could push the index towards 56,700 and 57,000 in the near term, while support is seen at 55,600-55,500.
