Indian equity markets ended higher on Monday, spurred by strong buying in heavyweight stocks like Reliance Industries. Foreign investors bought shares worth Rs 3,115 crore, while the rupee fell 10 paise to 94.86. Analysts said, "Holding above these levels remains important to sustain the current bullish momentum" for Nifty.

Synopsis

Indian equity markets enjoyed a rally, spurred by robust buying in major stocks such as Reliance Industries. Analysts pegged immediate support for Nifty at 23,200, with resistance encountered at 23,500 and 23,700. Foreign portfolio investors were active buyers, netting Rs 3,115 crore, while domestic institutional investors offloaded shares worth Rs 392 crore. Meanwhile, the rupee dipped by 10 paise to close at 94.

Indian equity markets ended higher, buoyed by strong buying in heavyweight stocks, particularly Reliance Industries, which surged more than 9% and lent significant support to the benchmark indices. On the downside, analysts say 23,200 forms the immediate support for Nifty, followed by the 23,000 zone. Holding above these levels remains important to sustain the current bullish momentum.

STATE OF THE MARKETS

Tech View: Immediate support is placed at 23,150–23,100, while resistance is seen at 23,500 and 23,700. A buy-on-dips strategy is recommended, keeping a strict stop-loss at 22,900.

India VIX: India VIX, which is a measure of the fear in the markets, rose 1.3% to settle at 15.50 levels.

Stocks in F&O ban today

1) Kaynes

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2) SAIL

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.

FII/DII action

Foreign portfolio investors net bought shares worth Rs 3,115 crore on Monday. DIIs, meanwhile, were net sellers at Rs 392 crore.

Rupee

The rupee fell 10 paise to close at 94.86 against the US dollar on Monday, weighed down by a firm greenback in overseas markets.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘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 disclosures here

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