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NSE Nifty 50 likely to pull back till 24,700-24,750, says Kotak Securities
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Key support zones for day traders are 24,500 and 24,445, per Shrikant Chouhan
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Nifty 50 closed 0.91% higher at 24,585.05, led by HDFC Bank, Reliance, and SBI
The pullback move for the NSE Nifty 50, which closed 0.91% higher on Monday, is likely to continue till 24,700-24,750, according to Shrikant Chouhan, head of equity research at Kotak Securities.
For day traders, 24,500 and 24,445 would act as key support zones, Chouhan said. "On the flip side, below 24,445, sentiment could turn negative. Traders may then prefer to exit their long positions," he said.
The markets have largely digested the recent tariff-related concerns and are now focusing on earnings cues, according to Ajit Mishra, senior vice president of research at Religare Broking.
Mishra highlighted that oversold positions in heavyweights are providing support and a decisive close above the 24,600 mark could extend this recovery towards the 24,800–25,000 zone.
"Traders should maintain a hedged approach and focus on stocks consistently displaying relative strength for long positions," he added.
Market Recap
The Indian equity benchmarks closed in the green on Monday as shares of HDFC Bank Ltd., Reliance Industries Ltd. and State Bank of India led the gains.
The NSE Nifty 50 ended 221.75 points or 0.91% higher at 24,585.05 and the BSE Sensex ended 746.29 points or 0.93% up at 86,604.08. The NSE Nifty 50 gained as much as 0.98% during the day.
Currency Update
The Indian rupee strengthened at the open on Monday, amidst additional 25% tariff by United States President Donald Trump on India and the US-Russia talks on Aug. 15.
The local currency opened 13 paise stronger at 87.53 against the US dollar on Monday compared to its closing at 87.66 against a dollar on Friday.
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