- Nifty gained 1.68% for the third consecutive session on Monday with strong buying interest
- Gift Nifty was up 0.76%, reflecting positive sentiment for Tuesday's domestic market start
- Iran expressed openness to US peace talks, easing geopolitical tensions and boosting markets
Nifty extended its recovery for a third consecutive session on Monday, gaining 1.68% after opening on a strong note and sustaining buying interest through the session. The recovery could receive further support on Tuesday from easing concerns over geopolitical tensions and a sharp decline in crude oil prices.
Gift Nifty was trading 0.76% higher at 23,579.50, indicating a positive start for domestic equities. Sentiment improved after Iranian President Masoud Pezeshkian said on Monday that Tehran was open to resolving its standoff with Washington through diplomacy. He added that Supreme Leader Mojtaba Khamenei had given the government “certain authorities” to pursue peace talks.
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Iranian state news agency IRNA reported that Pezeshkian said the government would seek to resolve the crisis through dialogue. However, the report did not provide details on the scope of the authority granted or the possible terms of negotiations.
Meanwhile, Brent crude futures for January 2027 delivery fell $7, or 6.17%, to $106.43 per barrel on Monday, according to real-time market data, as investors weighed the possibility of easing tensions between the two countries. A sustained decline in crude prices could offer some relief to markets, particularly given concerns over the impact of elevated energy costs on inflation and corporate margins.
Nifty Support And Resistance Levels
"Following the sharp correction over recent months, Nifty also moved above the 38.2% Fibonacci retracement level," said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. The index also decisively crossed the crucial resistance level of 23,175 and closed above its 50-day exponential moving average (EMA), reinforcing the short-term bullish structure.
READ | Iran Supreme Leader Gives Nod For US Peace Talks; Brent Crude Plunges To $106
The immediate support for Nifty has moved higher to the 23,250–23,270 zone, while 23,600 remains the next important hurdle.
"The 23,250–23,270 zone will act as immediate support. On the upside, 23,600 remains the immediate hurdle. A decisive breakout above this level could trigger further short-covering and extend the ongoing recovery towards 23,750," said Nandish Shah, Deputy Vice President at HDFC Securities.
Bank Nifty Outlook
Bank Nifty also ended higher on Monday, closing above the psychological 55,000 mark despite intraday volatility. The index repeatedly encountered resistance around this level and moved lower during the session, but buying interest near 54,600 helped it recover and finish above 55,000. Ponmudi R, CEO of Enrich Money, said a sustained move above the 55,000–55,200 resistance zone could strengthen bullish momentum and take the index towards the next hurdle at 55,600–55,800.
On the downside, the 54,600–54,400 range remains the immediate support zone. A decisive break below this level could revive selling pressure and drag the index towards the next support area of 54,000–53,800.
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