Stock market today: Indian benchmark indices opened on a flat note Monday, with gains in financial stocks being balanced out by declines in IT shares, as global sentiment remained subdued after Moody’s downgraded the U.S. government’s credit rating on Friday.
The BSE Sensex dipped by 60.79 points, or 0.07%, to start the day at 82,269.80, whereas the NSE Nifty edged up by 3.05 points, or 0.01%, opening at 25,022.85.
Following a sharp surge on Thursday that pushed the Nifty past the 25,000 milestone, the index moved sideways on Friday. Although it closed slightly lower, it successfully maintained its position above the 25,000 level.
“The Indian equity benchmarks paused their recent rally on May 16, with the Nifty ending just above the psychological 25,000 mark. While the headline indices showed signs of mild pressure, the broader markets outperformed significantly. The BSE Midcap index gained 0.8%, and the Smallcap index added 1%, indicating continued buying interest beyond the large-cap space. This suggests that investors are becoming more confident in the market’s breadth, often a bullish sign for the overall trend,” said brokerage firm Choice Broking in a note.
Can Nifty 50 move towards 26000 level again?
According to Choice Broking, the Nifty has recently broken out of a Rounding Bottom pattern on the weekly chart, supported by strong volumes—a bullish signal.
“The pattern projects an upside potential toward 28,000 in the short term. Immediate resistance is seen at 26,000–27,000 levels, where partial profit booking may be considered. On the downside, 24,300 and 24,000 are strong support zones; any correction toward these levels should be viewed as a buying opportunity, keeping the broader trend intact,” the brokerage firm said.
Meanwhile, Bank Nifty closed the week on a steady note, consolidating just below the key 56,000 mark. Despite limited movement in Friday’s session, the index held firm above previous breakout levels, reflecting underlying strength in the banking space.
“Technically, if Bank Nifty manages a decisive close above the 56,000 mark, it could unlock immediate targets of 58,000 and 59,800 in the short term. On the flip side, key support levels lie at 54,000 and 53,800—any dips toward these zones may offer attractive entry points for positional traders. Broadly, the index is trending bullish but currently stuck in a narrow band of 53,800–56,000. A breakout on either side will likely define the next directional move,” the brokerage firm said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
