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Benchmark indices traded modestly higher in afternoon deals, gaining a little over 0.40%, after opening with gains of more than 1%. At 1:02 p.m., the Sensex was up 325 points (0.42%) at 77,239, while the Nifty 50 rose 100 points (0.42%) to 24,098.
However, analysts expect a volatile, news-driven week, with investors closely tracking state election outcomes, crude oil prices, and developments in the West Asia conflict. Elevated Brent crude levels amid tensions around the Strait of Hormuz continue to remain a key macro concern, posing risks to inflation, the rupee, and corporate margins.
Stock-specific moves are expected to be driven by key Q4 earnings from companies such as Ambuja Cements, BHEL, and major auto makers.
Macroeconomic data, including PMI readings and foreign exchange reserves, along with FII flows and currency movements, will also influence market direction. Overall sentiment is likely to hinge on geopolitical stability and crude oil price trends.
* Bullish structure with breakout bias: Nifty Bank has sustained a gap-up and is holding above the key psychological level of 55,000, indicating continuation strength. The index maintaining above 55,300 support keeps the near-term trend positive with scope for a move towards 56,250–56,700 resistance zone.
* Outperformance and sector breadth support: PSU Banks are outperforming Private Banks, with broad-based gains across constituents (only one stock in red). This positive market breadth strengthens the uptrend quality and reduces the risk of a narrow, fragile rally.
Nifty technical:
* Strong bullish structure above key support zone: Nifty 50 sustaining above 24,100 keeps the short-term trend positive, with immediate support placed in the 24,100–24,050 range. As long as this zone holds, the index retains upside bias toward 24,350, indicating continuation of momentum despite intraday profit booking from highs.
* Breakout and resistance setup intact: On the upside, resistance is placed near 24,400, and a decisive breakout above it could extend the rally toward 24,600. However, a fall below 24,140–24,050 would weaken momentum and open the risk of a deeper correction toward 23,900 levels.
Rupee falls 39 paise to close at all-time low of 95.23 against US dollar
The Indian rupee hits a record low of 95.23 against the dollar amid rising oil prices and foreign capital outflows.
