Nifty Rises for The Third Straight Session, Closes at One-Month High

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

Nifty rose for the third straight session, fueled by robust global cues, gaining 67 points to close at 25,935. Despite the weekly expiry, the index remained largely range-bound, oscillating within a tight 100-point consolidation zone. NSE cash market volumes were higher by 3% compared to yesterday.

Eternal, Tata Steel, and ONGC topped Nifty gainers, while HCL Tech, Bajaj Finance, and Dr. Reddy's faced selling pressure as key losers.

Sectoral trends were mixed: Media, Auto, and Metal led gains, but Pharma, Healthcare, and Chemicals posted minor losses.

Midcaps and smallcaps continued to outshine the benchmarks, with the Nifty Midcap 100 rising 0.49% and the Nifty Smallcap 100 gaining 0.38%. Market breadth remained firmly positive for the second day running. Advance-decline ratio stood on BSE stood at a healthy 1.58, signaling sustained mid- and small-cap buying.

Rupee appreciated by 18 paise to close at 90.58 against the USD. This strength was driven by a softening Greenback and optimism surrounding the India-US interim trade accord, further supported by Foreign Institutional Investors (FIIs) turning net buyers this month.

Nifty continues to hold its uptrend with its level above all key moving averages. Indicators and oscillators like MACD and RSI are holding bullish setup on daily and weekly charts. Short term resistance for the Nifty is seen near 26000 above which index could extend the rally towards fresh all time high above 26373. On the downside, band of 25600-25670 could offer strong support to the index.

Source : Equity Bulls

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