Market Wrap

Indian equities wrapped up the truncated week on a strong note, with bulls firmly in control as benchmark indices rebounded from key support levels. The Nifty 50 reclaimed the 24,900 mark, posting weekly gains of nearly 1%, while the Sensex also advanced in tandem. The rally was led by the Nifty Metal index, which surged on robust buying across key names amid renewed optimism over China’s stimulus-driven demand recovery. Other sectors, including banking and auto, contributed modestly to the uptrend.

On the global front, easing crude oil prices, steady gains across Asian and European markets, and positive sentiment from OPEC+ supply reassurances lent support to risk assets. Domestically, September GST collections once again crossed ₹1.7 lakh crore, reinforcing signs of resilient consumption and macro stability. However, stronger-than-expected U.S. non-farm payroll data lifted the dollar and led to speculation of a delayed Fed rate cut, which could temporarily weigh on foreign inflows into emerging markets.

What's Ahead

With the Nifty reclaiming key short-term moving averages, the near-term market structure appears constructively bullish, though traders may keep an eye on the 25,200–25,300 zone as an immediate resistance area. The upcoming Q2 earnings season is expected to set the tone for sectoral rotation, with banking and auto stocks likely to remain in focus. Additionally, global developments particularly crude oil trends, U.S. monetary policy signals, and FII activity will play a key role in shaping sentiment in the week ahead.

Market Snapshots

Institiutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The Nifty 50 extended its winning streak, gaining 57.95 points (+0.23%) to close at 24,894.25, marking a steady recovery from recent lows. The index traded within a narrow range for most of the session but saw a late-session rally that pushed it near the day’s high. Strength in Tata Steel, Power Grid, and Kotak Bank provided strong sectoral support, offsetting mild weakness in Reliance, ICICI Bank, and HDFC Bank. The RSI near 50 indicates neutral momentum, suggesting that while the market has regained footing, it may need a decisive breakout above 25,100 to confirm bullish continuation. On the downside, immediate supports are placed at 24,691 and 24,565, while resistance levels lie at 25,097 and 25,223.

Bank Nifty

The Bank Nifty outperformed broader indices, advancing 241.3 points (+0.44%) to settle at 55,589.25. The index witnessed broad-based strength, led by AU Bank, Axis Bank, and Kotak Bank, while laggards like HDFC Bank and ICICI Bank capped overall gains. The index recovered sharply from intraday lows, closing near the session’s high — a sign of bullish conviction among traders. The RSI near 60 signals positive momentum, and sustaining above the 55,500 mark could pave the way for further upside towards 55,969 and 56,204. Immediate support is seen at 55,210 and 54,975, where buying interest is likely to emerge on dips.

Sensex

The Sensex climbed 223.86 points (+0.28%) to finish at 81,207.17, reflecting a balanced tone in the broader market. Gains in Tata Steel, Power Grid, Axis Bank, and Kotak Bank anchored the index higher, even as Reliance, ICICI Bank, and TCS witnessed mild profit booking. The market breadth remained even, with 15 gainers and 15 decliners, indicating consolidation after a strong rebound. The near-term trend remains mildly bullish, with immediate supports at 80,509 and 80,098, while resistance levels are pegged at 81,905 and 82,337. Sustained strength above the 81,200 zone could invite follow-through buying toward higher resistances.

FINNIFTY

The Nifty Financial Services index edged up 44.55 points (+0.17%) to close at 26,426.75, supported by gains in SBI Card, Axis Bank, and Kotak Bank. However, pressure from Cholamandalam Finance, ICICI Bank, and HDFC Life capped broader advances. Despite mixed intra-day movement, the overall structure remains constructive with 13 out of 20 constituents in the green. The index continues to hold above key short-term averages, hinting at resilience in financials. Near-term support is placed at 26,210 and 26,075, while resistance stands at 26,610 and 26,735 a breakout above which could trigger a stronger rally across BFSI names.