Analysts Predict Nifty Target Range of 24,400-24,600 on Easing Geopolitical Tensions

Indian Stock Indices Rebound as Global Cues and Select Heavyweight Stocks Drive Gains

The benchmark stock indices Sensex and Nifty experienced a significant rebound on Monday, snapping a three-day losing streak. This upswing was primarily driven by gains in Reliance Industries and Sun Pharma, as well as positive global cues.

The Sensex jumped 639.42 points or 0.83 percent to settle at 77,303.63. During the day, it climbed 755.83 points or 0.98 percent to 77,420.04. The Nifty advanced 194.75 points or 0.81 percent to close at 24,092.70.

Market analysts are optimistic about the near-term prospects of the indices, with several technical analysts predicting further upside in the coming days. Key resistance levels for the Nifty include the 50-day EMA in the 24,200–24,230 zone, while support is expected to be provided by the 20-day EMA in the 23,970–23,950 range.

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Nifty Resistance and Support Levels

Market Sentiment and Global Cues

The upmove in the Indian stock indices was led by a rebound in select heavyweight stocks, particularly Reliance, along with gains in pharma shares following global acquisition-related developments. Optimism over progress in US-Iran negotiations also contributed to the positive global sentiment, despite elevated crude oil prices.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Among Asian markets, South Korea's Kospi, Japan's Nikkei 225, and China's Shanghai SSE Composite ended higher, while Hong Kong's Hang Seng settled lower. European markets were trading in the positive territory, and US markets ended mostly higher on Friday.