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"Nifty has recovered 6.3% in the last three weeks indicating value buying at lower levels. We expect this upward momentum to continue, on the back the foreign institutional investors’ return to the Indian market amid attractive valuations and signs of economic recovery," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services.
Meanwhile, a long bull candle formed on the daily chart with a minor upper shadow, indicating a continuation of strong upside momentum. The Nifty has decisively broken above the down-sloping trendline resistance at 23,000 on the daily chart and 23,250 on the weekly chart, a positive signal for further gains.
Experts believe that having surpassed the 23,200-23,250 hurdle, the index could now move towards the next resistance at 23,800 in the near term, while immediate support is placed at 23,250.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 74 points, or 0.32 per cent, at 22,500, signaling that Dalal Street was headed for positive start on Monday.
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- Tech View: The Nifty continues to move upward following a falling trendline breakout, supported by upbeat sentiment, said Rupak De, Senior Technical Analyst at LKP Securities, adding that during the last trading session, the index encountered resistance at the 21-week exponential moving average, which is placed at 23,382.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 0.21% to settle at 12.58 levels.
Popular in Markets
The S&P and Dow eked out slight gains on Friday, erasing earlier losses after comments from U.S. President Donald Trump provided hope that previously announced tariffs expected to begin in early April may not be as burdensome as feared.
Asian shares mixed
US stock-index futures climbed in early Asia trading on signs that the next round of President Donald Trump’s trade tariffs could be more measured than had previously been suggested.
- S&P 500 futures rose 0.7% as of 9:05 a.m. Tokyo time
- Hang Seng futures rose 0.2%
- Japan’s Topix rose 0.2%
- Australia’s S&P/ASX 200 fell 0.1%
- Euro Stoxx 50 futures fell 0.4%
Oil steady
Oil prices held steady on Monday as investors assessed the outlook for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian oil to global markets.
Stocks in F&O ban today
1) Hindustan Copper
2) IndusInd Bank
3) Polycab
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
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FII/DII action
Foreign portfolio investors turned net buyers at Rs 7,470.36 crore on Friday. DIIs sold shares worth Rs 3,202.26 crore.
Rupee
The rupee gained 38 paise to close at 85.97 against the US dollar on Friday on the back of dollar inflows and an unwinding of speculative long-dollar positions, which also helped it log its best week in more than two years.
