Nifty Rises for Fourth Straight Session; Closes at Highest Level Since 8th May

Mr. Nandish Shah - Deputy Vice President, HDFC Securities

The Nifty extended its winning streak for the fourth consecutive session, gaining 96 points to close at 24,085. After opening higher by 55 points, the index-maintained strength throughout the session and settled near the day's highs, underscoring sustained buying interest. The index has now rebounded more than 1,000 points from its recent swing low of 23,072 to an intraday high of 24,108. NSE cash market turnover rose 11% compared to the previous session.

Among index constituents, Trent, BEL, and Hindalco emerged as the top gainers, while Tata Motors Passenger Vehicles (TMPV), Cipla and Bajaj Financial Services were the key laggards.

Sectoral performance remained mixed. Consumer Durables, PSU Banks and Metals ended with the most gains, whereas Auto, Real Estate and Healthcare closed in the red with minor losses.

Broader markets continued their upward journey for the fourth day in a row, tracking the benchmark's strength. The Nifty Midcap 100 and Nifty Smallcap 100 indices advanced 0.52% and 0.79%, respectively. Market breadth remained positive, with the BSE advance-decline ratio at 1.28.

The Indian rupee appreciated 3 paise to close at 94.53, marking its fourth consecutive session of gains. It touched a six-week high intraday, supported by anticipated dollar inflows following recent RBI measures. The local currency outperformed its Asian peers as crude oil prices continued to soften, driven by expectations of easing energy supply pressures from a potential US-Iran deal.

Nifty is now approaching a crucial resistance at the 100-day DEMA, currently around 24,153. This level consistently capped pullback rallies during April and May 2026. A decisive close above the 100 DEMA would be a significant development, potentially confirming a bullish trend reversal on the positional timeframe, marking the first such breakout since the escalation of the West Asia conflict.

If Nifty sustains above 24,153, the next upside target is seen near the 200 DEMA at 24,465. On the downside, the 23,800 level is expected to act as immediate support, providing a cushion against any short-term profit booking.

Source : Equity Bulls

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