Rajesh Palviya, Head of Research, Axis Direct
The Nifty gained 277 points yesterday to settle at 23,689.6, its second straight session of recovery. Technically speaking, Thursday’s candle left a roughly 100-point upper shadow, with profit-booking emerging near 23,777.2 despite the index advancing 1.18%. Overnight, US benchmarks struck fresh records – the S&P 500 rose 0.77%, the Dow reclaimed 50,000 (+0.74%), and the Nasdaq added 0.88% – powered by Cisco’s 13% jump and Nvidia’s H200 chip clearance. Asian cues this morning are negative; Japan and Korea are trading in the red. Gold sits at $4,650, silver fell and is trading closer to $80, and Brent persists above $105 – a lingering headwind. GIFT Nifty at 23,734.0 is trading marginally high. The bias is cautiously bullish, but bulls first need to clear 23,790 supply, with 24,000 the larger hurdle. 23,500 is the immediate support to defend; a breach would expose 23,300.