Nifty Eyes 24,400-24,600 Levels as Geopolitical Concerns Ease
The benchmark stock indices Sensex and Nifty rebounded nearly 1 percent on Monday, snapping a three-day losing streak, driven by gains in Reliance Industries, Sun Pharma, and positive global cues.
The Sensex jumped 639.42 points or 0.83 percent to settle at 77,303.63. During the day, it climbed 755.83 points or 0.98 percent to 77,420.04. The Nifty advanced 194.75 points or 0.81 percent to close at 24,092.70.
Analysts’ Outlook
Analysts said the index may see further upside in the near term. Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the 50-day EMA in the 24,200–24,230 zone will act as immediate resistance. ‘A sustained move above 24,230 could trigger further upside towards the 24,400 level. On the downside, the 20-day EMA in the 23,970–23,950 range is expected to provide strong support,’ he said.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the short-term trend of Nifty appears to have turned positive after the recent correction. ‘The next upside levels to watch are around 24,500-24,600 in the next few sessions. Immediate support is placed at 23,800,’ he added.
Market Drivers
Ajit Mishra, SVP, Research at Religare Broking, said the upmove was led by a rebound in select heavyweight stocks, particularly Reliance, along with gains in pharma shares following global acquisition-related developments. He added that optimism over progress in US-Iran negotiations supported global sentiment, even as crude oil prices remained elevated.
Among Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, and China’s Shanghai SSE Composite ended higher, while Hong Kong’s Hang Seng settled lower.
European markets were trading in the positive territory. US markets ended mostly higher on Friday.
Investment Strategies
For investors looking to capitalize on the current market trend, it’s essential to stay informed about the latest developments and stock market news. Staying up-to-date with Nifty trends and Sensex analysis can help investors make informed decisions.
Additionally, investors can explore investment strategies for Indian markets and stock market tips for beginners to maximize their returns.
Conclusion
In conclusion, the Nifty index is expected to reach 24,400-24,600 levels in the near term, driven by easing geopolitical concerns and positive global cues. Investors should stay informed about the latest market developments and trends to make informed investment decisions.