Nifty Rises Sharply on Strong Global Cues, Closes at One-Month High

Market Closing Views - Mr. Nandish Shah - Deputy Vice President, HDFC Securities

Nifty kicked off the week strongly, surging 173 points to close at 25867. It staged a 100-point recovery from the day's low after early profit booking, signaling clear bull control as it ended near the session high. NSE cash market volumes were higher by 6% compared to last trading session.

SBI, Shriram finance, and Grasim led gainers list of Nifty, while Max Health, NTPC, and ITC witnessed selling pressure and ended as top losers.

All sectoral indices closed in the green, led by Media, Consumer Durables, and Realty.

The broader market steals the show, significantly outperforming the benchmarks. The Nifty Midcap 100 climbed 1.58%, while the Nifty Smallcap 100 surged 2.64%. Market breadth was decisively bullish, with the BSE advance-decline ratio closing at a strong 2.45 level.

The rupee weakened 11 paise to 90.76 against the dollar, driven mainly by surging precious metal prices fueling importer dollar demand.

Having partially filled the prior gap range of 25108-25641, the index has firmly resumed its uptrend while holding above all key moving averages, backed by bullish MACD and RSI turns on daily/weekly charts. Short-term resistance looms near 26000, a break above could propel it toward fresh all-time highs beyond 26373. On the downside, the 25,450-25,500 zone remains a strong support.

Source : Equity Bulls

Keywords

HDFCSecurities Nifty MarketClosingViews NSE Sensex BSE