Rajesh Palviya, Head of Research, Axis Direct
On Tuesday, the Nifty declined by 86 points to close at 24,032.80. During the session, it briefly touched 23,882 before a late recovery helped defend the 24,000 level. Meanwhile, Wall Street reached new highs overnight, with the S&P 500 and Nasdaq rising 0.81% and 1.03%, supported by strong tech earnings and softer crude prices. Japanese stocks are resuming trading after Golden Week, while regional markets follow the positive US trend. Brent crude has fallen to around $110 per barrel, gold is near $4,570 an ounce, silver around $72.6, and copper remains at $5.85 per pound. The GIFT Nifty is at 24,300, indicating a positive start of approximately 200 points aligned with global cues. Technically, the market sentiment is cautiously bullish, but a sustained daily close above 24,250 is needed to extend the rally towards 24350-24450. If 23,900 is not held, the index could test the 23,800-23,700 zone.