Nifty Expiry Today | Stock Market Today: Indian stock markets extended their winning streak to a fourth consecutive session on Tuesday, with the Sensex and Nifty rising over 4% in four sessions as easing crude oil prices, improving foreign investor flows and strong corporate earnings lifted sentiment.
The Sensex climbed 666 points, or 0.87%, to an intraday high of 76,358.79, while the Nifty 50 advanced 170 points, or 0.7%, to 23,610.70. The gains followed a strong rally on Monday, when both benchmark indices surged 1.7%. The Sensex and Nifty had ended at their highest levels in eight weeks and over five weeks, respectively.
Sentiment also drew support from a decline in crude oil prices. Brent crude traded around $105 a barrel on Tuesday after falling 7% in the previous session. Hopes of progress towards ending the US-Israeli war with Iran improved after reports of talks involving Iran and Qatari mediators, raising expectations of easing geopolitical tensions.
Foreign investor activity provided another positive signal. Foreign portfolio investors (FPIs) turned net buyers of Indian equities on Monday, purchasing shares worth ₹31.15 billion, according to provisional NSE data. Domestic institutional investors (DIIs), meanwhile, were net sellers, offloading equities worth ₹3.92 billion.
The combination of sustained market gains, softer crude prices and a return of foreign buying has helped strengthen investor confidence, although developments in the Middle East and movements in oil prices remain key factors to watch.
With the Nifty expiry session today, traders will closely monitor crucial technical levels to assess whether the recent recovery can continue or selling pressure will intensify.
Technical Outlook
The Nifty has staged a sharp recovery, and technical indicators suggest the uptrend could extend further. However, the index faces resistance around 23,500, with market experts identifying key support zones between 22,800 and 23,200. A sustained move above immediate resistance could open the way towards 23,800–24,000, although global events and geopolitical uncertainties remain risks for traders.
Religare Broking said the immediate support base was around 23,200, while fresh put writing at the 23,200 and 23,300 strikes strengthened the downside cushion. It identified significant call open interest at 23,500 and 23,600 as an overhead hurdle.
“On the technical front, the immediate support base is placed around 23,200, from where the index witnessed a notable reversal in the last trading session. On the derivatives front, fresh Put writing at the 23,200 and 23,300 strikes also strengthens the downside support,” Religare Broking said.
The brokerage said a decisive breakout above 23,500 could take the index towards 23,800–23,900. It advised investors to selectively accumulate quality stocks, maintain disciplined stock selection and manage overnight risks prudently.
Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking, said the Nifty had closed above its 50-day EMA and the previous month’s high of 23,175, signalling a possible pause in its two-month corrective decline. He said holding above the Monday gap zone of 23,118–23,207 could extend the recovery towards 23,700–23,800. He placed short-term support at 22,800–23,000.
Hitesh Tailor, Research Analyst at Choice Broking, said the index had rebounded from the 200-week EMA and rising trendline support before breaking out of its recent consolidation.
“Technically, Nifty has staged a strong rebound from the 200-Week EMA and rising trendline support, followed by a breakout from its recent sideways consolidation. This has improved the short-term technical structure,” Tailor said.
He identified 23,200 as immediate resistance, with a breakout potentially opening the way towards 23,700–24,000.
“On the upside, immediate resistance is placed at 23,200, coinciding with a cluster of daily moving averages. A decisive breakout above this level could pave the way towards 23,700–24,000, where the 100-Week EMA and 200-Day EMA are positioned,” he said.
Tailor placed immediate support at 22,850, followed by 22,600–22,400, and recommended a selective buy-on-dips approach.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
