The Indian stock market is expected to open higher on Tuesday, supported by mixed global cues amid optimism over a potential US-China trade deal and expectations of an interest rate cut by the US Federal Reserve. Early trends from the Gift Nifty indicate a positive start for the domestic benchmark, trading around 26,055, roughly 43 points above Nifty futures’ previous close.
On Monday, both indices closed strongly, with Nifty 50 surpassing the 25,900 mark. The Sensex jumped 566.96 points, or 0.67%, to 84,778.84, while the Nifty 50 gained 170.90 points, or 0.66%, to settle at 25,966.05.
Technical analysts suggest further upside potential. Shrikant Chouhan, Head of Equity Research at Kotak Securities, indicated that 84,500 acts as crucial support for Sensex, with the possibility of reaching 85,000–85,300. Below 84,500, a short-term correction towards 84,200–84,000 may occur. Om Ghawalkar highlighted strong support at 84,300–84,000 and resistance near 85,000.
For Nifty 50, Nagaraj Shetti of HDFC Securities noted that bullish patterns remain intact, with immediate support at 25,700 and potential upside toward 26,300–26,400. Hrishikesh Yedve added that the trend line resistance and last week’s high of 26,100 could pose hurdles.
Bank Nifty also gained 414.65 points, or 0.72%, closing at 58,114.25 with a bullish structure. Analysts see resistance at 58,500–58,600, with strong support near 57,700–57,600. Indicators like RSI and MACD suggest the uptrend remains intact, and current consolidation could offer buying opportunities in quality banking stocks, according to Bajaj Broking Research.
Overall, the market shows resilience, with technical setups supporting further gains amid global and domestic optimism.
+ There are no comments
Add yours