- Nifty 50 and Sensex extended gains to the sixth consecutive session on Thursday
- Gift Nifty fell 0.61% suggesting a potential reversal and test of 24650-24680 zone
- Sensex rose 2.60%, led by auto, financials, and banking stocks including Bajaj Finance
Even as Indian benchmark indices, Nifty 50 and Sensex, extended their rally to the sixth consecutive session, Gift Nifty indicates say signals a potential reversal of the gains,with experts noting that the is index likely to test the 24650-24680 zone.
Gift Nifty fell 0.61% to 24,450 points, indicating a possible negative start to the Indian equities, likely to follow losses of the Wall Street, which experienced a massive sellooff following super rally after US midterm elections. Dow Jones Industrial Average declined 1.14%, to 52,737.2 points, S&P 500 fell 3.09%, to 7,451.32, while the Nasdaq Composite slipped 4.8% to 24,484.
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Led by gains in auto, financials and banking stocks, BSE Sensex ended at 79,310.01, up 2,008.61 points or 2.60%, while NSE Nifty 50 ended at 24,536.60, up 576 points or 2.40% on Thursday. In terms of individual stocks, Bajaj Finance, IndiGo and ICICI Bank were among the top gainers on 30-share BSE Sensex index, while NTPC and BEL were among the top drags.
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According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, "Market breadth remained firmly positive, with the Advance/Decline ratio favouring advancers. Within the Nifty 500 universe, 368 stocks closed higher, reflecting broad-based participation in the rally."
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In terms of outlook, he said, "Going ahead, the zone of 24430-24400 is likely to act as a crucial support area for the index. As long as Nifty sustains above the 24400 level, the ongoing bullish momentum is expected to continue, with the index likely to test the 24650-24680 zone in the short term."
Noting that downward support has shifted higher, Nandish Shah, Deputy Vice President at HDFC Securities said, "Technically, Nifty has decisively reclaimed its 200-day SMA at 23,997 for the first time since February 26, 2026, a meaningful bullish development that reinforces improving momentum. Going ahead, immediate resistance for Nifty is seen around 24,773, followed by 24990. On the downside, support has shifted higher to 24,300."
Bank Nifty View
In line with rally alongside broader market, the Nifty Bank index surged by 3.33% or 1,860.05 points, ending at 57,773.65 on Thursday.
According to Shah, "The banking benchmark index Bank Nifty significantly outperformed the frontline indices on Thursday, rallying over 3% to close above the 57700 mark. On the daily chart, the index formed a sizeable bullish candle, reflecting strong buying interest. It has also moved decisively above its key short and long-term moving averages, while the daily RSI has crossed above the 60 level and continues to trend higher, indicating strengthening momentum."
On outlook, he added, "the 57200-57100 zone is expected to act as a crucial support area for the index. As long as Bank Nifty sustains above the 57100 level, the bullish bias is likely to remain intact. In the short term, the index could extend its upmove towards the 58200-58300 zone, with a further upside potential towards the 59000 level."
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