Tag: crude oil

  • MCX Gold Rises 0.65% to ₹1,42,300 as Brent Crude Drops Below $90

    MCX Gold Rises 0.65% to ₹1,42,300 as Brent Crude Drops Below $90

    Gold prices on the Multi Commodity Exchange (MCX) climbed on July 21, driven by a decline in crude oil prices and reports of diplomatic efforts to de-escalate tensions in the Middle East. August gold futures rose 0.65% to ₹1,42,300 per 10 grams, while September silver futures gained 1.09% to ₹2,20,775.

    Brent crude oil futures fell 0.80% to $88.51 per barrel, slipping below the $90 mark. West Texas Intermediate (WTI) crude edged down 0.46% to $82.10 per barrel. The drop in oil prices eased inflation concerns, supporting demand for gold as a safe-haven asset.

    According to the CME FedWatch Tool, traders now see a 64% probability of a September rate hike by the US Federal Reserve. This expectation continues to influence precious metals markets.

    Domestic Gold Prices

    In India, 24K gold rose by ₹76 to ₹1,44,220 per 10 grams, while 22K gold advanced by ₹70 to ₹1,32,200. Prices remained largely uniform across major cities: Mumbai and Kolkata quoted ₹1,44,220 for 24K gold, Delhi ₹1,44,370, and Chennai ₹1,44,220.

    US Gold Prices

    In international markets, spot gold climbed 0.9% to $4,042.69 per ounce, and US gold futures for August delivery rose 0.8% to $4,047.40. The gains came as investors assessed diplomatic efforts to ease US-Iran tensions, which could reduce oil-driven inflation risks.

    Spot silver gained 2.2% to $57.67 per ounce, platinum rose 0.8% to $1,607.20, and palladium gained 0.8% to $1,263.73.

    Key Levels to Watch

    “It looks like gold is trying to find a base somewhere around this $4,000 level and is going to try to re-engage the upside from there,” said Ilya Spivak, head of global macro at Tastylive. “These headlines from the Middle East seem to have some degree of knock-on, though it is increasingly only being paid attention to in a passing kind of way.”

    Internationally, gold has support at $3,989 and $3,945, with resistance at $4,040 and $4,074 per troy ounce. Silver has support at $56.20 and $55.50, with resistance at $57.70 and $58.50 per troy ounce.

    On the MCX, gold has support at ₹1,40,850 and ₹1,40,400, with resistance at ₹1,42,000 and ₹1,43,650. Silver has support at ₹2,16,000 and ₹2,14,400, with resistance at ₹2,20,000 and ₹2,23,100.

  • Sensex Holds 77,000 While Crude Oil Volatility Pressures Bank Nifty: Indian Stock Market Update

    Sensex Holds 77,000 While Crude Oil Volatility Pressures Bank Nifty: Indian Stock Market Update

    Indian stock markets opened higher on Wednesday, tracking global gains, but underlying sentiment remained cautious due to escalating geopolitical tensions in the Middle East. At the open, the Sensex rose 170 points, the Nifty 50 gained nearly 50 points, and the Bank Nifty advanced 160 points. This follows a decline on Tuesday when the Sensex fell 561.46 points (0.72%) to settle at 77,054.94, and the Nifty 50 dropped 158.95 points (0.66%) to 24,052.05.

    Foreign institutional investors (FIIs) sold Indian equities worth Rs. 739 crore on July 14, while domestic institutional investors (DIIs) remained net buyers with inflows of Rs. 2,927 crore. The Indian rupee opened at Rs. 96.17 against the US dollar, gaining marginally from its previous close.

    Sensex Outlook

    Technically, the Sensex formed a bearish candle on the daily chart, indicating potential further weakness. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, “The intraday market texture is non-directional; perhaps traders are waiting for either side to break out. 77,000 would act as a crucial support zone, while 77,300 would be the key resistance area for the bulls. Selling pressure below 77,000 is likely to accelerate, and the market could retest levels around 76,300-76,000. On the flip side, above 77,300, the chances of hitting 77,500-77,800 would turn bright.”

    Nifty 50 Outlook

    The Nifty 50 has entered a consolidation phase after snapping its three-session winning streak. The index formed a small bearish candle with a long upper shadow, indicating selling pressure at higher levels. Bajaj Broking Research noted, “We expect the index to extend the recent consolidation in the range of 23,800-24,350. Within the consolidation, last Friday’s gap area and Monday’s low of 24,000-23,950 will act as immediate support. Holding above this level could lead to a pullback towards 24,250-24,350, the upper band of the consolidation range.”

    Analysts point to the 24,000 to 23,950 zone as the immediate floor. If the index stays above this area, a recovery toward 24,250-24,350 is possible. A stronger support lies between 23,800 and 23,900. However, a sustained upward rally will only materialize if the index breaks decisively above 24,350.

    Bank Nifty Outlook

    On Tuesday, Bank Nifty declined 669.15 points (1.15%) to close at 57,462.30, forming a bearish candle. The index slipped below the 57,500 mark, reflecting selling pressure in banking stocks. According to Bajaj Broking, Bank Nifty is likely to remain in a 56,500 to 58,700 trading range. A breakout above 58,700 could trigger a rally toward 59,300 and possibly 60,000. On the downside, 56,500 is the key floor to watch, aligning with the 20-week and 50-week EMAs and last week’s low, making it a major demand zone.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.

  • MCX Gold Drops 1% to Rs 1,42,050 as Middle East Tensions Boost Brent Crude 4%

    MCX Gold Drops 1% to Rs 1,42,050 as Middle East Tensions Boost Brent Crude 4%

    Gold prices on the Multi Commodity Exchange (MCX) fell 1% on July 13, with August futures settling at Rs 1,42,050 per 10 grams. The decline came as escalating tensions between the US and Iran drove crude oil prices higher and strengthened the US dollar, creating headwinds for the precious metal.

    September silver futures also declined, dropping 1.9% to Rs 2,18,439. Meanwhile, Brent crude futures surged 4.05% to $79.09 per barrel, and US West Texas Intermediate (WTI) advanced 4.13% to $74.36 per barrel.

    According to the CME FedWatch Tool, traders now price in a 72% chance of a Federal Reserve rate hike in September, up from 63% last week.

    Domestic Gold Prices

    In the Indian bullion market, 24K gold fell by Rs 142 to Rs 1,42,910 per 10 grams, while 22K gold declined by Rs 130 to Rs 1,31,000. City-wise, Mumbai and Kolkata quoted gold at Rs 1,42,910, Delhi at Rs 1,43,050, and Chennai at Rs 1,44,000.

    US Gold Prices

    US gold prices also declined over 1% on Monday amid concerns over the potential closure of the Strait of Hormuz, which pushed oil prices higher and revived expectations of elevated interest rates. Spot gold dropped 1.5% to $4,059.11 per ounce, and US gold futures for August delivery were down 1.1% at $4,067.10.

    Spot silver declined 2.9% to $58.14 per ounce, platinum shed 1.8% to $1,598.48, and palladium fell 2.3% to $1,247.27.

    Key Levels to Watch

    “Any breakout of violence in the Gulf is accompanied by pressure on gold,” said Nicholas Frappell, global head of institutional markets at ABC Refinery. “The question is, if the Strait of Hormuz remains effectively or partially closed, does that lead to a deflationary effect, further down the road, that might actually be supportive for gold if you have demand destruction leading to lower economic activity,” Frappell added.

    Internationally, gold has support at $4,074 and $4,040, while resistance is at $4,144 and $4,180 per troy ounce. Silver has support at $59.10 and $57.70, with resistance at $61.20 and $62.40 per troy ounce.

    On MCX, gold has support at Rs 1,42,400 and Rs 1,41,100, and resistance at Rs 1,44,400 and Rs 1,45,550. Silver has support at Rs 2,20,000 and Rs 2,16,600, and resistance at Rs 2,26,000 and Rs 2,28,800.

  • Indian Stock Market Slides as Rising Oil Prices Weigh on Sentiment; Nifty50 Hits 24,124, Sensex at 77,279

    Indian Stock Market Slides as Rising Oil Prices Weigh on Sentiment; Nifty50 Hits 24,124, Sensex at 77,279

    The Indian stock market experienced a cautious trading session on July 13, with both benchmark indices declining as escalating US-Iran tensions pushed crude oil prices higher. The Nifty50 slipped 8.95 points (0.34%) to 24,124.95, while the Sensex dropped 290 points (0.37%) to 77,279.48. Investor sentiment turned risk-averse, with selling pressure spanning multiple sectors.

    Key Takeaways

    • Nifty50 and Sensex trade lower as crude oil prices rise on renewed US-Iran tension.
    • Metal, financial, auto, and banking stocks underperform, while IT and pharma show relative strength.
    • Laser Power & Infra, Devson Catalyst, and Happy Steels IPOs enter their final day of subscription.

    Rising Oil Prices Weigh on Market Mood

    The latest surge in crude oil prices stems from renewed geopolitical tension between the United States and Iran, raising fears of potential supply disruptions. As India is a major importer of crude oil, higher prices typically increase transportation, manufacturing, and production costs, fueling inflationary pressures and potentially squeezing corporate earnings. This has prompted investors to reduce exposure to sectors sensitive to rising operational expenses.

    Heavyweight Stocks Drag Indices Lower

    Major stocks such as InterGlobe Aviation, Tata Steel, and Maruti Suzuki India were the top losers in the Nifty50. InterGlobe Aviation faced headwinds from higher fuel costs, while Tata Steel suffered from broad selling in the metal sector. Maruti Suzuki India declined amid concerns over rising input costs affecting the automobile industry.

    Broader Market Also Under Pressure

    The weakness extended beyond large-cap stocks. The Nifty MidCap fell 0.29%, and the Nifty SmallCap slipped 0.13%, indicating that selling pressure was widespread across market segments.

    Sectoral Performance: Metal Stocks Hit Hardest

    The Nifty Metal index posted the worst performance, driven by global economic uncertainties. Nifty Financial Services and Nifty Auto also remained under strain, with the latter particularly impacted by rising crude prices affecting production costs and consumer demand. The Nifty Bank index faced similar selling pressure.

    In contrast, Nifty IT and Nifty Pharma outperformed. Investors typically pivot to defensive sectors like IT and pharma during periods of uncertainty, as their earnings are less sensitive to commodity price fluctuations.

    IPO Market Remains Active

    Despite the volatile market, the primary market is buzzing. The Laser Power & Infra IPO, aiming to raise Rs. 742 crore, enters its final subscription day. Devson Catalyst (Rs. 42.32 crore) and Happy Steels (Rs. 25 crore) IPOs also conclude their subscription period today, attracting investor interest.

    Market Outlook

    The Indian stock market is trading with a negative bias, driven by escalating US-Iran tensions and higher crude oil prices. Weakness in metal, financial, auto, and banking sectors adds to the pressure, while IT and pharma provide limited support. The broader market reflects cautious sentiment. The next direction will depend on global developments, crude oil price movements, and investor confidence.

    Frequently Asked Questions

    1. Why are crude oil prices dragging down the Indian stock market?

    India is a major oil importer. Rising crude prices increase operational costs for businesses—particularly in aviation, logistics, and manufacturing—while fueling inflationary concerns that can squeeze corporate profit margins.

    2. Which sectors are being hit hardest today?

    The Nifty Metal index is seeing the sharpest declines amid global economic jitters. The Auto, Financial Services, and Banking sectors are also under significant selling pressure.

    3. Why are IT and Pharma stocks performing relatively better?

    Investors often pivot to IT and Pharma during periods of geopolitical uncertainty. These sectors are considered ‘defensive’ since their earnings are typically less sensitive to fluctuating commodity and energy prices.

    4. What is the current status of the IPO market?

    Despite broader market volatility, the primary market remains active. The Laser Power & Infra, Devson Catalyst, and Happy Steels IPOs are all in their final day of subscription, drawing continued investor interest.

    5. How should investors navigate this period of uncertainty?

    Market participants are currently practicing caution by avoiding aggressive bets. Most are closely monitoring US-Iran developments, as any further escalation in crude prices will likely dictate whether the market finds stability or faces further downside.

  • Nifty 50 Holds Above 23,800, Sensex Targets 77,000 as Middle East Tensions Fuel Volatility

    Nifty 50 Holds Above 23,800, Sensex Targets 77,000 as Middle East Tensions Fuel Volatility

    The Indian stock market is expected to open higher on short covering after a sharp sell-off as investors remain cautious about the renewed US-Iran war tensions and rising crude oil prices. GIFT Nifty also indicates a gap-up opening, trading at 23,976 with a premium of 64 points from its previous Nifty futures close.

    On Wednesday, the Sensex plunged 1,677.12 points or 2.15% to settle at 76,503.60, while the Nifty 50 fell 516.65 points or 2.12% to finish at 23,882.05.

    Among broader indices, Nifty Midcap 100 shed 1.5% and the Nifty Smallcap 100 index declined 2.2%.

    The Indian rupee opened flat at Rs. 95.55 per dollar on Thursday versus the previous close of Rs. 95.55.

    Foreign institutional investors (FIIs) remained net buyers in Indian equities on July 8, purchasing shares worth Rs. 1,962.80 crore, while Domestic institutional investors (DIIs) also stayed on the buying side, investing Rs. 790.16 crore.

    Sensex Outlook

    Technically, the Sensex formed a long bearish candle on the daily chart, indicating further weakness from the current levels.

    “We are of the view that the short-term texture of the market has changed to negative from positive, and for day traders, selling on rallies would be the ideal strategy. For day traders, 77,000 and 77,100 would act as immediate resistance levels for the bulls. As long as it is trading below these levels, weak sentiment is likely to continue on the downside. The market could retest the level of the 50-day SMA (Simple Moving Average), around 76,000. Further downward movement may also continue, which could drag the index to 75,800,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

    On the flip side, above 77,100, the sentiment could change. If the index moves above this level, a pullback could continue till 77,400-77,500. The current market texture is volatile; hence, level-based trading would be the ideal strategy for day traders, he added.

    Nifty 50 Outlook

    The Nifty 50 formed a long bearish candle with a lower high, lower low and a bearish gap, indicating that sellers currently have the upper hand.

    Bajaj Broking noted that the index erased its recent gains after slipping below the important support zone around 24,250 and eventually tested the 23,800 mark during intraday trade.

    “Going ahead, a breach below the key support area of 23,800 will open further downside towards the 23,500-23,600 levels in the coming sessions being the confluence of the previous gap area and 61.8% retracement of the entire previous up move 23,070-24,530. While holding above 23,800 will lead to consolidation in the range of 23,800-24,350. Immediate bias remains down below Wednesday’s gap down area of 24,350,” said the brokerage.

    Bank Nifty Outlook

    On Wednesday, Bank Nifty slumped 1,458.10 points or 2.51% to close at 56,742.60, forming a bearish candle on the daily chart and slipping below its 20-day EMA for the first time since June 8.

    “The index has entered a corrective phase after failing to hold key support levels. Index contrary to our expectations closed below the immediate support area of 57,000-56,800 signaling corrective bias. A follow through weakness will open further downside towards 55,500-56,000 levels in the coming sessions,” said Bajaj Broking Research.

    The brokerage further added, “On the higher side only a move above 58,000 will signal resumption of the up-move failure to do so will lead to some consolidation in the range of 55,000-58,000 levels.”

    Disclaimer: This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research before making any investments.

  • Indian Stock Market Surges: Sensex Reaches 77,314 and Nifty50 Hits 24,124 Led by IT Rally

    Indian Stock Market Surges: Sensex Reaches 77,314 and Nifty50 Hits 24,124 Led by IT Rally

    Indian markets traded higher on July 2, 2026, as the Nifty50 and Sensex gained over 0.5 percent. IT stocks led the rally, oil prices fell, and IPO activity remained strong.

    Key Takeaways

    • Infosys, HCLTech, and Adani Enterprises emerged as top gainers and lifted market sentiment.
    • The Nifty IT index jumped nearly 4 percent, becoming the best-performing sector of the day.
    • Knack Packaging IPO entered day two while five SME IPOs reached their final subscription day.

    The Indian stock market stayed in the green on Thursday, July 2, 2026, as strong buying support lifted the benchmark indices higher. The rise came after positive global signals and better investor confidence following an important development in international politics. Fresh talks between the United States and Iran in Doha brought relief to global markets and helped reduce pressure on crude oil prices.

    At the time of writing, the Nifty50 rose 0.5 percent, or 119.10 points, to reach 24,124.95. The Sensex also showed strength, moving up 0.51 percent, or 391.68 points, to touch 77,314.32. The overall mood in the market remained positive as major sectors supported the upward move.

    IT Stocks Lead the Market Rally

    The biggest support for today’s market rise came from information technology stocks. Strong demand in the IT sector pushed the market upward and created fresh buying interest across major companies. Investors showed confidence in technology companies as the sector recorded the best performance among all market segments.

    The Nifty IT index jumped nearly 4 percent and stood as the top sector of the day. Large technology firms played a major role in this sharp rise. Better sentiment in global technology markets also helped boost confidence in Indian IT shares.

    Among the biggest gainers in the Nifty50 index, Infosys took the lead with strong gains. HCLTech also recorded a solid rise and remained one of the top performers during the session. Adani Enterprises joined the list of major gainers and added further strength to the benchmark index.

    Fall in Oil Prices Supports Investor Sentiment

    Another major reason behind today’s market rise came from lower crude oil prices. Global markets reacted positively after the United States and Iran completed important talks in Doha. This development reduced fears around supply disruption and brought down international oil prices.

    Lower oil prices often create positive conditions for the Indian economy since India imports a large amount of crude oil. A fall in oil prices helps reduce inflation pressure and cuts import costs. As a result, investors showed more confidence in equities and supported buying activity in the market.

    Broader Markets Also Trade Higher

    The positive mood did not remain limited to large-cap stocks. Broader markets also showed healthy movement during the session as investors continued to place money in mid-sized and smaller companies.

    The Nifty MidCap index traded 0.33 percent higher, reflecting stable demand in the broader market segment. At the same time, the Nifty SmallCap index moved up 0.43 percent, showing continued interest in smaller companies.

    Sector Performance Shows Mixed Trend

    Different sectors showed mixed performance during Thursday’s trade session. The technology sector stood as the clear winner and recorded the strongest gain among all indices.

    The Nifty Realty index performed well and remained among the top sectors of the day. The Nifty Consumer Durables index also traded with strength as investors continued to support consumption-based companies.

    On the other hand, the Nifty PSU Bank index recorded the biggest fall among sectoral indices. Weakness in public sector banking stocks put pressure on the banking segment even as the overall market stayed positive.

    IPO Market Remains Active

    The primary market also saw important activity on Thursday. Knack Packaging’s initial public offer entered the second day of subscription. The company plans to raise ₹439.5 crore from the primary market. Market participants watched subscription numbers closely as interest remained steady.

    Apart from this, five SME IPOs entered the final day of subscription. These included Kratikal Tech, Vinit Mobile, Sampark India Logistics, Seemax Resources, Atharva Polyplast, and Teja Engineering Industries.

    Positive Sentiment Continues

    Thursday’s market session remained strong as gains in IT stocks and lower oil prices created positive momentum. The Nifty50 and Sensex stayed higher, broader markets remained firm, and IPO activity kept investor interest active.

    FAQs

    1. Why did the Indian stock market rise on July 2, 2026?

    The market climbed due to an exceptional 4% rally in IT stocks and falling crude oil prices, which dropped following positive US-Iran geopolitical talks in Doha.

    2. What are the Nifty50 and Sensex levels today?

    The Nifty50 index gained 0.5% to reach 24,124.95 points, while the Sensex advanced 0.51% to finish the trading session at 77,314.32.

    3. Which sector performed the best during the session?

    The Nifty IT index was the day’s clear winner, surging nearly 4% as large tech firms like Infosys and HCLTech experienced heavy institutional buying support.

    4. How did the broader market and other sectors respond?

    Mid-cap and small-cap indices climbed over 0.3%, showing broad-based strength, though the public sector banking sector (Nifty PSU Bank) bucked the trend and closed lower.

    5. Which IPOs are currently active in the primary market?

    Knack Packaging’s ₹439.5 crore IPO entered its second subscription day, while five SME public issues—including Kratikal Tech and Sampark India—reached their final bidding day.

  • Crude Oil Prices Climb as US-Iran Tensions Resurface, Brent Holds Above $70

    Crude Oil Prices Climb as US-Iran Tensions Resurface, Brent Holds Above $70

    Crude oil prices rose on Monday as renewed US-Iranian conflict revived concerns over supply disruptions. Brent crude futures rose 0.67% to $72.47 a barrel, while US West Texas Intermediate (WTI) advanced 1.80% to $70.05 a barrel. The rebound followed Brent’s drop below $70 on Friday, its first move below that level since February 27, before the latest escalation involving Iran.

    The gains were modest, but traders remain focused on the risk of disruption around the Strait of Hormuz, one of the world’s key oil and liquefied natural gas shipping routes. Natural gas futures climbed 0.82% to 3.306 per MMBtu, gasoline rose 0.90% to 2.9836, and heating oil added 1.30% to 3.2499, reflecting continued concerns over energy supplies as tensions persist around the Gulf.

    US-Iran Tensions Keep Oil Market on Edge

    The jump in crude prices followed renewed military action between the US and Iran. Washington is said to have suspended talks over the conflict after an attack on commercial shipping off the coast of Iran by its military forces in the Strait of Hormuz, a move in response to Tehran’s attacks on the shipping vessels. The two sides are likely to meet in Doha on Tuesday for further discussions, according to an Axios report cited by Bloomberg. However, the weekend escalation has already slowed some oil and natural gas shipments through the region.

    The large crude carrier Kiku, which was transporting some 2 million barrels of oil, was struck and was last seen near Fujairah, a major port in the United Arab Emirates on the Gulf of Oman. US Central Command indicated that while coastal shipping traffic was continuing, some tankers reportedly abandoned attempts to exit.

    India Impact Remains Contained for Now

    Crude price remains a key macroeconomic indicator for India, since it imports around 85% of its oil requirement. A prolonged increase in crude can put pressure on the rupee, increase the import bill, and raise inflation risks. “Crude oil prices are currently trading in the $69–70 per barrel range, remaining well below the highs witnessed during the recent Middle East conflict. Although the latest flare-up in regional tensions triggered a brief bout of volatility in energy markets, crude prices have remained largely contained, providing continued relief to India’s macroeconomic outlook,” said Ponmudi R, CEO of Enrich Money.

  • Indian Stock Market Set to Open Higher as Brent Crude Drops 1.80% to $72.41 – Nifty, Sensex Outlook

    Indian Stock Market Set to Open Higher as Brent Crude Drops 1.80% to $72.41 – Nifty, Sensex Outlook

    The Indian stock markets are expected to open higher on Thursday, supported by mixed global cues and a sharp decline in oil prices. GIFT Nifty was trading at 24,133.5, indicating a gap-up start with a premium of 110.5 points over the previous Nifty futures close.

    Brent crude futures fell 1.80% to $72.41 a barrel, while US West Texas Intermediate (WTI) dropped 1.59% to $69.22 a barrel. The fall in crude prices is seen as a positive for India, a major oil importer, as it helps reduce input costs and inflation pressures.

    Previous Session Recap

    On Wednesday, the Sensex surged 790.54 points, or 1.04%, to close at 76,991.22, while the Nifty 50 advanced 197.55 points, or 0.83%, to settle at 24,021.65. Foreign Institutional Investors (FIIs) remained net sellers, offloading shares worth Rs. 1,843 crore. Domestic Institutional Investors (DIIs) net bought Rs. 3,637 crore, providing support to the market.

    Sector-wise, Realty and IT indices outperformed, rallying over 2%, whereas the Defence index was the worst performer, shedding over 2%.

    Sensex Technical Outlook

    Technically, the Sensex formed a promising reversal pattern on intraday charts and a bullish candle on daily charts. Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, “We are of the view that as long as the market is trading above 76,700, the pullback formation is likely to continue. On the higher side, the rally could extend to 77,500-77,700. On the flip side, below 76,700, sentiment could change. Below this level, the market could retest 76,400-76,200.”

    Nifty 50 Technical Outlook

    The Nifty 50 staged a strong rebound on Wednesday and managed to close above the psychologically important 24,000 level. On the daily chart, the index formed a bullish piercing line candlestick pattern, indicating strong buying demand near the support zone around 23,800. This support area is significant as it coincides with the previous gap zone and the confluence of the 20-day and 50-day exponential moving averages (EMAs).

    Bajaj Broking Research noted, “Nifty managed to hold above the support area of 23,800 and witnessed a pullback. Going ahead, bias remains positive and the index is expected to head higher towards last week’s high of 24,190 levels in the coming session. Dips, if any, towards 23,900 should be used as a buying opportunity.” Immediate support is seen around 23,900, while stronger short-term support is placed in the 23,500-23,600 zone. On the upside, the next major resistance is near 24,600.

    Bank Nifty Technical Outlook

    The Bank Nifty rose 966.60 points, or 1.69%, to close at 58,150.35, forming a bullish engulfing pattern on the daily chart. Bajaj Broking said, “Going ahead, bias remains positive and the index is expected to gradually head towards 59,200 levels in the coming sessions, being the measuring implication of the recent range breakout and the 138.2% external retracement of the previous decline 57,456-52,783.” Technical indicators continue to support the positive outlook. The lows recorded over the past two weeks near 57,000 remain a crucial support zone, and the index is expected to maintain its bullish bias as long as it holds above this level.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research before making any investment decisions.