Rajesh Palviya, Head of Research, Axis Direct.
The Nifty closed nearly unchanged yesterday at 24,326, just four points lower after Wednesday’s sharp 298-point increase – a pause rather than a trend reversal. Wall Street dipped overnight as profit-taking took hold following the record high, with the S&P 500 falling 0.38%, the Dow down 0.63%, and the Nasdaq dropping 0.13%, despite oil rising sharply on new US-Iran tensions in the Strait of Hormuz. Asian markets are weak this morning, with Japan and Korea opening 0.6-0.7% lower. Brent crude recovered above $101, gold is close to $4,720, and silver remains around $80. GIFT Nifty indicates a weak start. Technically, 24,200 is now key support; falling below this could quickly push the index toward 24,000. Bulls need a daily close above 24,400 to regain upward momentum. Overall, the market shows confidence, with the Nifty Midcap 100 at an all-time high, supporting a buy on dips approach as long as major support levels hold. Sector and stock-specific movements are expected to continue.