As for broad market indices, India VIX saw a substantial jump at 5.94%. All other indices opened in red except for Nifty's Next 50, smallcap 100, and 250. Amidst
As Aditya Gaggar, director of Progressive Shares, notes, "We are positive on the Index with a buy-on-dip recommendation. The immediate support is placed at 24,150, while for the time being, the higher side is capped at a cluster of 24,450–24,570. Bearish divergence in BankNifty is likely to restrict the upside of the index. Once again, heavyweight
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Stocks in Action
Tata Motors, ONGC, Tech Mahindra, Wipro, and Hero Moto Corp took the lead in early morning trade, while Titan,Sameet Chavan, Head Research, Technical and Derivatives, Angel One, highlights that "the collective involvement of mid-small caps and index heavyweights has significantly boosted market sentiment, laying a strong foundation for positive market dynamics. The bulls have shrugged off overbought conditions and propelled major key indices to unprecedented highs. Despite the Nifty remaining technically stretched, there are no indications of the vertical rally losing steam. It is crucial to approach this scenario cautiously, and avoid being swayed by the prevailing trend.".
"As far as levels are concerned, 24,200 is likely to provide a cushion for any short-term blips, followed by robust support at the 24000 mark for the upcoming week. On the higher end, we anticipate 24,400–24.500 to provide resilience for the index in the comparable period. In the coming days, we anticipate the benchmark index undergoing a period of consolidation, potentially alleviating the stretched parameters. Market sentiment remains positive, with sectoral rotation contributing to a strong undertone. In the meantime, we encourage traders to remain vigilant and consistently secure profits at regular intervals", he continues.