Update on the Stock Market: Amid Global Surge, Sensex and Nifty 50 Start the Week Strong
In the wake of a global market surge, India’s benchmark indices, the Sensex and Nifty 50, kicked off Monday’s trading session on a high note. The Sensex gained 346.93 points, or 0.43%, reaching 81,679.65 points, while the Nifty 50 index began at 24,943.30, up 108.45 points, or 0.44%.
Market Overview
All indices on the NSE, including the Nifty Midcap, Nifty Small Cap, and Nifty Next 50, opened higher, reflecting positive momentum in the broad market. The sectoral indices continued their upward trajectory, setting a positive tone for the start of the week.
Top Gainers and Losers:
- Top Gainers: NTPC, BPCL, ICICI Bank, IndusInd Bank, SBI
- Top Losers: Dr. Reddy’s Laboratories, Tata Consumer Products, Power Grid, Bharti Airtel
Technical Analysis
Nifty 50 Insights: Ruchit Jain, Lead Research Analyst at 5paisa, highlights that the August F&O series began with significant long positions by FIIs and clients, indicating room for fresh long positions. The Nifty 50’s next resistance levels are around 25,065 and 25,340, while immediate support is seen at 24,550–24,350.
Bank Nifty Insights: Rupak De, Senior Technical Analyst at LKP Securities, notes an outside day pattern on the Bank Nifty daily chart, suggesting potential price expansion. The index has reclaimed the 50-period exponential moving average, hinting at a bullish reversal. A move above 51,500 might trigger a rally towards 52,500, with support at 51,000.
Open Interest Analysis:
- Bank Nifty: Significant open interest additions were observed at 51,200 PUT and 50,800 PUT, while CALL writers added positions at 52,200 and 51,300 strikes. Maximum CALL open interest was at 52,000, and maximum PUT open interest was at 51,000.
- Nifty 50: Open interest saw significant additions at 24,500 CALL and 24,600 PUT, with CALL writers adding positions at 25,100 and 25,200 strikes. Maximum CALL open interest was at 25,000, and maximum PUT open interest was at 24,500.
Stock Recommendations
- Buy IDBI Bank (₹100): Target Price: ₹116, Stop Loss: ₹93. The stock has shown a sideways trend breakout and is sustaining above its short-term moving averages with a bullish RSI crossover.
- Buy Oberoi Realty Ltd (₹1,782): Target Price: ₹1,900, Stop Loss: ₹1,669. The stock has moved up after a piercing line pattern formation and reclaimed the 21EMA, with RSI showing a rounding bottom pattern.
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