Rajesh Palviya, Head of Research, Axis Direct
The Nifty surged 298 points yesterday to settle at 24,331, reclaiming the 24,300 level in a broad-based rally driven by softening crude and improving global risk appetite. From a technical perspective, yesterday’s candle marked a decisive break from recent consolidation, with banks carrying most of the weight. Wall Street closed at new highs overnight on hopes of a US-Iran framework agreement. Asian cues this morning are strong following Kospi’s record close, while Brent has fallen below $101, gold has rebounded above $4,700, and copper remains supported. GIFT Nifty trades lower by about 75 points, indicating a flat to negative open. Nifty and Midcap Nifty surged in the previous session. Bulls now need a daily close above 24,500 to continue the bounce toward 24,700; failure to hold 24,250 could quickly bring 24,000 into focus. Considering the recovery in the broader market, we expect bullish momentum to likely appear in sectors like Pharma, Banking, Ems, and Capital Markets related theme.