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What is the story about?
The Nifty50 snapped its recent losing streak in Thursday's expiry session, staging a strong recovery after a weak start. The benchmark index opened with a gap-down and tested its previous swing-low support level, which also marked the day's low.
Buyers stepped in at lower levels and successfully defended key support zones, triggering a sharp rebound around midday that erased the early losses.
The index extended its recovery through the afternoon and settled at 23,483, up 0.43%.
Among sectoral movers, IT heavyweights including Tata Consultancy Services, Infosys and HCLTech led the gains and supported the benchmark. On the other hand, NTPC, Axis Bank and Dr. Reddy's Laboratories were among the top laggards in the Nifty pack.
Market sentiment also improved as the India VIX declined more than 7%, signalling easing volatility and a recovery in risk appetite.
The broader market participated in the rebound, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices ending the session in positive territory.
According to Siddhartha Khemka of Motilal Oswal, the Nifty is likely to remain range-bound in the near term amid global macro uncertainties and continued foreign institutional investor outflows.
Stock-specific action is expected to dominate the broader market, while investor attention will remain on the upcoming RBI monetary policy decision, keeping rate-sensitive sectors in focus.
IT stocks may continue to attract attention following positive commentary from global AI companies and strength in international technology shares.
Meanwhile, negotiations for the India-US Bilateral Trade Agreement are underway in New Delhi from June 2 to 4. Discussions are focused on finalising the first phase of the pact covering trade, market access and tariff-related issues, with reports indicating that most major aspects have already been agreed upon.
Investors will also monitor key global economic data over the next two sessions, including Eurozone inflation figures, US employment data and the US S&P PMI readings.
From a technical perspective, Sudeep Shah of SBI Securities said the 23,620-23,650 zone remains a key resistance area. A sustained move above 23,650 could extend the current pullback rally towards 23,800.
On the downside, the 23,400-23,370 zone is expected to provide immediate support and act as a cushion against near-term weakness.
Hitesh Rathi of Angel One said the broader structure remains range-bound, with support placed at 23,200 and resistance near 24,000.
According to Rathi, as long as the index holds above the 23,250-23,200 support zone, the likelihood of a deeper correction remains limited. However, a break below this band could accelerate selling pressure towards 23,100 and potentially drag the index further towards the 22,700-22,600 region.
On the upside, immediate resistance is seen in the 23,550-23,600 zone, followed by a stronger hurdle between 23,750 and 23,950, where the 20-day and 50-day exponential moving averages are currently placed.
LKP Securities' Rupak De said the Nifty found support near 23,200 before rebounding sharply towards 23,500. Despite the recovery, he believes the broader trend remains weak and downside risks cannot be ruled out.
According to De, immediate support is placed at 23,420, with a break below the level potentially triggering another decline towards 23,200. On the upside, resistance is seen around 23,600.
Buyers stepped in at lower levels and successfully defended key support zones, triggering a sharp rebound around midday that erased the early losses.
The index extended its recovery through the afternoon and settled at 23,483, up 0.43%.
Among sectoral movers, IT heavyweights including Tata Consultancy Services, Infosys and HCLTech led the gains and supported the benchmark. On the other hand, NTPC, Axis Bank and Dr. Reddy's Laboratories were among the top laggards in the Nifty pack.
Market sentiment also improved as the India VIX declined more than 7%, signalling easing volatility and a recovery in risk appetite.
The broader market participated in the rebound, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices ending the session in positive territory.
According to Siddhartha Khemka of Motilal Oswal, the Nifty is likely to remain range-bound in the near term amid global macro uncertainties and continued foreign institutional investor outflows.
Stock-specific action is expected to dominate the broader market, while investor attention will remain on the upcoming RBI monetary policy decision, keeping rate-sensitive sectors in focus.
IT stocks may continue to attract attention following positive commentary from global AI companies and strength in international technology shares.
Meanwhile, negotiations for the India-US Bilateral Trade Agreement are underway in New Delhi from June 2 to 4. Discussions are focused on finalising the first phase of the pact covering trade, market access and tariff-related issues, with reports indicating that most major aspects have already been agreed upon.
Investors will also monitor key global economic data over the next two sessions, including Eurozone inflation figures, US employment data and the US S&P PMI readings.
From a technical perspective, Sudeep Shah of SBI Securities said the 23,620-23,650 zone remains a key resistance area. A sustained move above 23,650 could extend the current pullback rally towards 23,800.
On the downside, the 23,400-23,370 zone is expected to provide immediate support and act as a cushion against near-term weakness.
Hitesh Rathi of Angel One said the broader structure remains range-bound, with support placed at 23,200 and resistance near 24,000.
According to Rathi, as long as the index holds above the 23,250-23,200 support zone, the likelihood of a deeper correction remains limited. However, a break below this band could accelerate selling pressure towards 23,100 and potentially drag the index further towards the 22,700-22,600 region.
On the upside, immediate resistance is seen in the 23,550-23,600 zone, followed by a stronger hurdle between 23,750 and 23,950, where the 20-day and 50-day exponential moving averages are currently placed.
LKP Securities' Rupak De said the Nifty found support near 23,200 before rebounding sharply towards 23,500. Despite the recovery, he believes the broader trend remains weak and downside risks cannot be ruled out.
According to De, immediate support is placed at 23,420, with a break below the level potentially triggering another decline towards 23,200. On the upside, resistance is seen around 23,600.
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