The Indian stock market started the new week on a strong note. During the day, gains in sectoral indices like IT, Pharma, PSU Bank, Metal and Consumer Durables supported the market. Sensex rose more than 400 points. Meanwhile, Nifty was also trading above 25,600, up nearly 120 points. Early on, Sensex climbed 260 points to hit a high of 83,527, while Nifty climbed 80 points to hit a high of 25,591. Bank Nifty was also trading above 58,000, up 150 points. Metal, IT and PSU bank indices witnessed good gains.
Will Bank Nifty’s leadership continue?
– Bank Nifty is also strong, but slightly down.
– Because a significant rise of 325 points was seen on Friday.
– Holding above 58,000 is positive.
– 57650-57875 levels are strong support for Bank Nifty.
The profit-saving range is 58250-58400.
– Bank Nifty is still leading.
Above what levels should there be a close?
To stop the weakness, Nifty 25550 and Bank Nifty 58000 are necessary.
It would be good to close at the level of Nifty 25675 and Bank Nifty 58250.
– Weakness will increase further if Nifty closes below 25475 and Bank Nifty closes below 57550.
Why did the IT index rise?
– Last week the IT index, along with metals, was the weakest.
– IT index recovered from oversold levels.
There was also short covering tonight in anticipation of a strong rise in the Nasdaq.
Will buying in mid-cap and smallcap stocks return?
– There is still no significant trend in mid-cap and small-cap stocks and there are no signs of any major uptrend.
– Stock-specific actions are still based on results.
The market opened slightly stable, after which the indices rose. Compared to Friday’s closing level, the Sensex opened at 83,198, down 18 points. Nifty opened 11 points higher at 25,503. Bank Nifty opened 30 points lower at 57,846 and in the currency market, rupee fell 1 paise to 88.67/dollar. Relief on the global front and strong domestic data have strengthened the sentiment. Goldman Sachs has upgraded its outlook for the Indian market and raised its rating to “overweight”. The brokerage has set a target of 29,000 for Nifty by the end of 2026. According to the brokerage, strong income growth, better domestic flows and a reform-driven economy will prove to be key strengths for India in the coming years.
Heavy buying by FII and DII
After six consecutive days of selling, foreign investors (FIIs) bought ₹4,600 crore in the cash market on Friday, while domestic institutional investors (DIIs) invested ₹6,675 crore for the 50th consecutive day. However, this figure also includes the ₹10,350 crore block deal with Bharti Airtel.
Relief recovery in American markets
The longest shutdown in US history, which had been going on for 40 days, is now expected to end. That could help Democrats pass a funding bill in the Senate. Due to this expectation, there was a tremendous recovery in the American markets on Friday. The Dow Jones closed 75 points higher after a 500-point recovery, and the Nasdaq closed just 50 points lower after a 450-point recovery. Its effect is also visible on Asian markets. GIFT Nifty is stable around 25,575, while Dow futures are seen gaining 100 points. Relief news from China: China has postponed the ban on export of rare minerals to America for a year. This will provide big relief to American chip and defense companies. Commodity Update: Gold rose by ₹ 350 to close above ₹ 1,21,000 and silver closed by ₹ 500 to close at ₹ 1,47,800. In the international market too, gold rose by $25 to reach ₹4,025, while silver rose by about 1%. Meanwhile, crude oil settled sluggishly below ₹64.
