The market sentiment appears positive, with the NSE Nifty 50 sustaining well above the crucial 50-day moving average, according to Rupak De, senior technical analyst at LKP Securities.
After the breakout of the index, a rise towards 25,350 looks likely, De said. “A decisive move above this level could trigger a rally towards 25,700. On the downside, support is placed at 24,850; a breach below this level may lead to a shift in sentiment,” he said.
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While NSE Nifty 50 has broken out of its long consolidation phase, the breakout candle is not very encouraging and signaling a potential reversal, according to Aditya Gaggar, director of Progressive Shares.
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Aditya Gaggar highlighted that Tuesday's trading activity will be crucial in determining whether the current trend will continue or reverse. "The key resistance and support levels are currently placed at 25,220 and 25,000, respectively," he said.
Market Recap
The benchmark equity indices closed higher for the fourth straight session on Monday on back of positive global cues, including robust US jobs data.
The NSE Nifty 50 ended 100.15 points or 0.4% higher at 25,103.2, while the BSE Sensex closed 256.22 points or 0.31% up at 82,445.21. During the day, the Nifty rose 0.63% to trade at 25,160.1 and the Sensex advanced 0.58% to 82,669.
FII/DII Activity
Foreign portfolio investors stayed net buyers of Indian equities for the second straight session on Monday, mopping up stocks worth Rs 1,992.9 crore, according to the provisional data from the National Stock Exchange.
Domestic institutional investors stayed net buyers for the 17th straight session as they bought equities worth Rs 3,503.79 crore, the data showed.
F&O Action
Nifty June Futures up by 0.35% to 25,185 at a premium of 82 points.
Nifty June futures open interest down by 2.09%.
Nifty Options June 12 Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 24,000.
Securities in ban period: Titagarh Railway System, Hindustan Copper, Aditya Birla Fashion, Chambal Fertilizer.
Major Stocks In News
ITD Cementation: The company has secured a contract worth Rs 893 crore for the construction of Berth and Breakwater for the development of Greenfield Captive Jetty(s) in Odisha.
Jana Small Finance Bank: The lender has submitted an application to RBI seeking approval for voluntary transition from small finance bank to Universal Bank.
Force Motors: Sanjay Kumar Bohra resigned as the chief financial officer and Rishi Luharuka was appointed as CFO.
Currency Update
The Indian rupee closed flat at 85.63 against the US dollar on Monday in comparison to its previous close of 85.64 on Friday. This comes amid various global and domestic economic factors influencing the currency markets.
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