Indian stock market: Indian benchmark indices, Sensex and Nifty 50, began Thursday’s trading session on a positive note for the third straight day, supported by gains in Asian markets and continued optimism surrounding a possible ceasefire between Israel and Iran.
After the initial uptick, the Nifty entered the monthly expiry session and climbed beyond the 25,318 level, reaching an eight-month high. Similarly, the Sensex jumped by more than 350 points. On the other hand, the Nifty Bank index saw modest gains, rising by 0.21 per cent.
Market analysts noted that as geopolitical tensions have eased, investors are now turning their attention back to the US Federal Reserve and the approaching US trade tariff deadline on July 9.
“The nifty continued it’s near-term rally yesterday, rising 200 points. Technically speaking, the price action also traced an inside day, which means that the possibility of a large, single-day, trending move is rising. Immediate resistance sits inside the 25310 – 25360 zone and higher at 25500, while immediate support rests between 24960 and 25010. Below this, 24800 is the level bulls must defend if a visit into the 25500 – 25800 area is coming. Global cues were neutral this morning,” said Akshay Chinchalkar, Head of Research, Axis Securities.
Can Nifty 50 hit 26,000 mark in short-term?
According to Bajaj Broking Market, Nifty 50 on expected lines maintained positive bias and is currently testing the upper band of the last six weeks range 25,250-24,500.
The brokerage firm said, “Going ahead index closing above the upper band of the range will signal extension of the rally and will pave the way for a further leg higher towards the 25,500 in the near term.”
Meanwhile, brokerage firm Tradonomy.Ai by Jamnadas Virji believes that Nifty is crossing ₹25,140 level on daily time frame and also breaking the inverse H&S pattern on weekly time frame.
“ Enter at the current price of ₹25,196 with resistance 1 of ₹26,216. A breakout above ₹26,216 on a closing basis could lead to a target 1 of ₹28,170 & target 2 of ₹30,350. On the downside, ₹24,500, ₹24,000 & ₹23,740 are key support levels,” it said.
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