Sensex and Nifty ended higher on Monday, extending gains after a recent rally. The Nifty 50 rose 58 points to settle at 25,045, while the Sensex gained 107 points. PSU Bank and Pharma stocks led the gains, but many stocks fell as profit-booking capped the upside for the broader market.
Synopsis
Sensex and Nifty ended higher on Monday, extending gains after a recent rally, although profit-booking capped the upside. PSU Bank and Pharma stocks led sectoral gains, while IT shares declined. Market breadth remained negative, with more stocks falling than rising. Nifty reclaimed 25,000, with 25,150–25,200 emerging as resistance.
Indian equities ended Monday’s session with modest gains, trading in a narrow range with a positive bias as intermittent profit booking following the recent rally capped the upside.
The Nifty 50 rose 58 points, or 0.23%, to settle at 25,045, while the BSE Sensex gained 107 points, or 0.13%, to close at 81,107.
The broader markets also ended higher, with the Nifty Midcap 100 advancing 0.55% and the Nifty Smallcap 100 edging up 0.10%.
Sectorally, the Nifty PSU Bank index led the gains, surging nearly 4%, followed by the Nifty Pharma index, which climbed around 2%. In contrast, the Nifty IT index declined over 1%.
Despite the gains in benchmark indices, overall market breadth turned negative. Of the 3,698 stocks traded, 1,959 declined, 1,629 advanced and 110 remained unchanged.
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Technical View
The Nifty 50 ended marginally higher after recovering from early selling pressure that dragged the index to an intraday low of 24,839. Buying interest at lower levels helped the benchmark stage a recovery and reclaim the crucial psychological 25,000 mark.
The immediate resistance is placed in the 25,150–25,200 zone. A sustained move above this range could strengthen the upward momentum and pave the way for further gains, said Ponmudi R, CEO of Enrich Money.
On the downside, 24,800 remains the immediate support level, and holding above this zone will be crucial to sustaining the recovery. However, a decisive breach, he believes, could trigger fresh selling pressure and near-term profit-booking.
Momentum indicators continue to signal strong bullish momentum, although some caution is warranted. The Relative Strength Index (RSI) stands at 77.88, placing it firmly in overbought territory and indicating the possibility of intermittent consolidation or profit-booking. Meanwhile, the MACD maintains a positive crossover, with the MACD line above the signal line and the histogram in positive territory, pointing to sustained upward momentum, Ponmudi said.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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