An analyst sees support near 25,000 and a possible next target at 25,361.
Indian equity markets ended the weekly expiry off the day’s high, but ended higher for the fourth consecutive session. The Nifty index scaled above 25,100. Sectorally, real estate, energy, and pharmaceuticals saw some buying. On the other hand, FMCG, metals, and financials saw some selling pressure.
On Tuesday, the Sensex closed 136 points higher at 81,926, while the Nifty 50 ended up 30 points at 25,108. Broader markets mirrored the optimism, with the Nifty Midcap index rising 0.4% and the Smallcap index gaining 0.2%.
However, the retail investor sentiment surrounding the Nifty 50 remained ‘bearish’ by market close on Stocktwits.
Stock Moves
Jio Financial and Bharti Airtel were top Nifty gainers, while Tata Motors was among the top Nifty losers, closing 2% lower despite its British unit, Jaguar Land Rover, resuming production a month after the cyber attack.
Railway stocks such as RVNL, Railtel, Titagarh and IRCON gained between 2% and 5% after the Cabinet cleared projects worth ₹24,000 crore.
And Vodafone Idea shares rose 9% on hopes of a resolution of the AGR dues ahead of UK Prime Minister’s India visit.
Stock Calls
Mayank Singh Chandel flagged a breakout in Uno Minda. The stock stayed in a range for a few days and has now broken out. It’s also trading above its 21-day EMA, which means the short-term trend looks positive. He recommended buying above ₹1,383 with a stop loss below ₹1,260. No fixed target was identified, instead Chandel advised traders to keep trailing the stop loss to lock in profits as the stock moves up.
Markets: What Next?
Ashish Kyal said that a break above 25,220 would resume positive trend to Gann levels of 25,361. Support is seen near 24,980-25,020 on the downside. He added that the volume profile near 24,800 shows big players are active in the zone.
Globally, European markets traded mixed, while US stock futures indicate a cautious start on Wall Street.
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