Market Recap: Bulls in Control, Nifty Closes Above 25,000

After a positive start, Nifty gained momentum early on but faced profit booking near 25,080. It then oscillated between 24,940 – 25,025 and finally settled with a gain of 0.60%.

The Nifty Midcap 100 outperformed, closing with a gain of 0.67%.

Broader Market Overview

Benchmark indices continued their positive momentum on Monday. Nifty closed 144 points higher, while Sensex was up 462 points. Sectorally, almost all major sectoral indices were trading in the positive zone, but defence and IT indices outperformed, rising over 1 per cent.

Technical View: Signs of Further Upside

Technically, after an early intraday rally, the market witnessed range-bound activity throughout the day. A bullish candle on the daily chart and an uptrend continuation formation on the intraday chart indicate further upside from current levels. For traders, 24,870/81900 would act as a key support zone. Above this level, the bullish sentiment is likely to continue. On the higher side, 25,150–25,250/82500-82800 would act as key resistance zones for traders. However, below 24,870/81900, the market is likely to retest 24,740–24,700/81600-81500 levels. The strategy should be to buy on dips around 24750/24700, as volatility is likely to continue, which is visible on the India VIX chart.

Bank Nifty Levels

For Bank Nifty, expect a range bound activity between 56100 and 55000.