Indian equity markets are likely to open slightly higher today, supported by firm global cues and a positive trend across Asian markets. US stocks ended higher overnight, while most Asian indices are trading in the green this morning. The GIFT Nifty is showing modest gains, pointing to a positive start for domestic equities.
With momentum indicators favouring the bulls, the Nifty may try to extend its recent gains. However, resistance at higher levels could lead to some consolidation during the session.
Indian markets ended Monday’s session on a strong note, backed by broad-based buying across sectors. The BSE Sensex jumped 638.12 points, or 0.75 percent, to close at 85,567.48. The Nifty 50 gained 206 points, or 0.79 percent, settling at 26,172.40, reflecting a strengthening bullish trend.
The Nifty opened with a positive gap at 26,058.80 and maintained its upward momentum through the day. It touched an intraday high of 26,180.70 and closed near the day’s highs. The overall bullish structure remains intact as long as the index stays above the 26,120 level.
Technical indicators and short-term moving averages continue to support the ongoing uptrend in the Nifty. The index is likely to remain positive as long as it holds above 26,120.
On the upside, 26,200 is the immediate resistance level. A decisive move above this could lead to further gains in the near term. On the downside, 26,120 is the first support, followed by 26,050 and 25,980, which may limit short-term corrections.
Among sectors, FMCG, IT, Metal and Realty indices are showing strong bullish patterns on daily charts, and this momentum may continue in the coming sessions.
Auto, PSU Bank and Pharma stocks are consolidating after recent declines and are showing early signs of stabilisation. Banking, Media and Financial Services stocks remain in a corrective phase, though selling pressure appears to be easing gradually.
Intraday support (15-min): 26,120 – 26,050 – 25,980
Intraday resistance (15-min): 26,200 – 26,275 – 26,350
Positional support: 25,750 – 25,250
Positional resistance: 26,350 – 27,000
The Bank Nifty closed marginally higher at 59,304.00, up 234.80 points, or 0.27 percent, indicating selective buying in banking stocks. While the broader banking space remains under correction, stocks such as ICICI Bank and IndusInd Bank are showing relatively stronger technical patterns.
Overall, the Bank Nifty maintains a neutral bias. Immediate intraday support is placed at 59,200, while resistance is seen at 59,400. A sustained move above 59,400 could improve the short-term outlook. A break below 59,200 may trigger a mild correction, though strong positional support at 58,580 is expected to limit downside risks.
Intraday support (15-min): 59,200 – 59,000 – 58,800
Intraday resistance (15-min): 59,400 – 59,535 – 59,700
Positional support: 58,580 – 57,200
Positional resistance: 60,000 – 61,250
Institutional activity
Institutional flows were mixed on Monday. Foreign Institutional Investors were net sellers worth ₹457.34 crore, while Domestic Institutional Investors bought shares worth ₹4,058.22 crore. Strong domestic inflows continue to provide stability to the market and may help sustain positive momentum.
Wall Street ended higher, led by gains in technology stocks and improved risk appetite. The Dow Jones rose 227.79 points to 48,362.68, while the Nasdaq added 121.21 points to close at 23,428.83.
Major European indices closed lower, with the FTSE 100, CAC 40 and DAX ending moderately in the red.
Asian markets opened on a positive note today. Japan’s Nikkei 225 gained 77.50 points to trade near 50,417.50, while Hong Kong’s Hang Seng added 23.50 points, hovering around 25,949.50.
As of 6:43 am on Tuesday, the GIFT Nifty was trading at 26,225.50, up 14.50 points, indicating a positive opening for Indian markets.
Crude oil prices were flat near $61.93 in early trade. Gold edged higher, trading around ₹4,511, while silver remained firm near 69.22, reflecting continued strength in precious metals.
