- Indian equity benchmarks posted their strongest weekly gain in over five years
- Nifty 50 rose 1.2% on Friday, closing at 24,050.50 amid positive global sentiment
- Bajaj Broking expects Nifty to rise further with resistance levels at 24,300 and 24,700
Indian equity benchmarks posted their strongest weekly gain in more than five years, driven by improving global sentiment after the United States and Iran agreed to a ceasefire.
Analysts at Bajaj Broking expect Nifty's strength to continue in the coming sessions as it has formed a strong bullish candlestick pattern with a "higher high and a higher low" for the first time in the last eight weeks.
"A follow through strength above 24,100 will open further upside towards 24,300 and 24,700 levels over the coming week," the analysts stated.
However, some window for consolidation still remains depending on how truce talks go down between Iran and the United States. In that case, the index will find immediate support at 23,450-23,100 levels.
"Moving forward, geopolitical developments will continue to be the primary driver for oil, the rupee, and equity markets. Investors should also prepare for stock-specific volatility as the focus shifts to Q4FY26 earnings and management commentary," said Shrikant Chouhan, head of equity research at Kotak Securities.
Bank Nifty
The Nifty Bank index also displayed a bullish momentum, which is expected to continue in the week ahead.
"A follow through strength above 56,300 will open further upside towards 57,300 and 58,000 levels over the coming week," said Bajaj Broking. "On the flipside, immediate support for the index is placed at 53,000-54,000 levels."
Market Recap
Indian equity benchmarks posted their strongest weekly gain in more than five years, driven by improving global sentiment after the United States and Iran agreed to a ceasefire. The NSE Nifty 50 and the BSE Sensex rallied nearly 6% during the week, marking their best performance since the first week of February 2021.
On Friday, the 50-stock index rallied 1.2% to close at 24,050.50 and the 30-share index gained 1.2% to 77,550.25.
Meanwhile, Oil prices moved higher on Friday as tensions around the Strait of Hormuz continued despite the ceasefire deal between the US and Iran. US West Texas Intermediate crude futures for May delivery rose 0.7% to $98.58 a barrel during early European hours. Brent crude futures for June delivery also gained 0.7% to $96.56 a barrel.
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