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What is the story about?
After staging a sharp rebound on Monday amid easing tensions in West Asia, the Nifty extended its gains for a second consecutive session on Tuesday, ending 135 points higher despite a largely range-bound trading day.
On the weekly options expiry session, the benchmark index remained confined within the previous day's trading range. The Nifty opened with a positive gap and gradually moved higher through the session, although buying momentum remained measured.
The index struggled to decisively cross the immediate resistance zone of 24,000-24,100 for most of the day. However, sustained buying interest helped the benchmark close near the day's high at 23,989, up 0.57%, just below the key 24,000 mark.
Among Nifty constituents, HCLTech and Tata Consumer Products emerged as the top gainers, while Hindalco Industries and JSW Steel were among the biggest laggards.
Sectorally, Nifty Realty and Nifty IT led the advances, whereas Nifty Metal and Nifty Healthcare ended lower.
The broader market remained relatively subdued. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices continued to consolidate within a narrow range for a second straight session, although they managed to end the day in positive territory.
Market sentiment remains supported by improving geopolitical developments, a revival in foreign institutional investor participation and a decline in crude oil prices.
Reports suggesting progress towards a potential US-Iran peace agreement, which could be signed later this week, along with expectations of the Strait of Hormuz reopening fully, have improved global risk appetite.
Brent crude has eased to around $81.4 per barrel, while the rupee strengthened to around ₹94.3 against the US dollar, offering relief on inflation and external sector concerns.
How does the Nifty outlook look?
Nagaraj Shetti of HDFC Securities said a sustained move above the 24,000-24,100 zone could pave the way for a rally towards 24,500 in the near term. Immediate support is seen around 23,800.
Hitesh Rathi of Angel One believes a decisive breakout above the 24,000-24,150 resistance zone is necessary for bulls to regain complete control. Until then, the index is likely to remain range-bound, although the short-term bias remains positive.
Banking stocks have played a crucial role in helping the Nifty defend key support levels and drive the recent recovery. Rathi said any revival in momentum within the banking index could provide the next trigger for the benchmark to move higher.
According to him, the 23,800-23,780 zone, which coincides with the 50-DEMA and the previous session's low, is the immediate support area. Below that, the bullish gap zone of 23,650-23,600, aligned with the 20-DEMA, offers stronger support.
Rupak De of LKP Securities said the Nifty maintained its strength throughout the session and continues to trade above the 20-EMA on the hourly chart, indicating a positive near-term trend. However, he expects choppy trading to persist, with immediate resistance placed in the 24,070-24,200 zone and support at 23,900, followed by 23,700.
Meanwhile, Bank Nifty traded within a narrow 323-point range on Tuesday, marking its smallest daily range since February 2026.
Sudeep Shah of SBI Securities said the 57,700-57,800 zone will act as an immediate hurdle for the banking index. A breakout above 57,800 could trigger fresh buying and open the door for an advance towards 58,500.
On the downside, the 56,800-56,700 zone remains a crucial support area and holding above it will be key to maintaining the positive trend.
On the weekly options expiry session, the benchmark index remained confined within the previous day's trading range. The Nifty opened with a positive gap and gradually moved higher through the session, although buying momentum remained measured.
The index struggled to decisively cross the immediate resistance zone of 24,000-24,100 for most of the day. However, sustained buying interest helped the benchmark close near the day's high at 23,989, up 0.57%, just below the key 24,000 mark.
Among Nifty constituents, HCLTech and Tata Consumer Products emerged as the top gainers, while Hindalco Industries and JSW Steel were among the biggest laggards.
Sectorally, Nifty Realty and Nifty IT led the advances, whereas Nifty Metal and Nifty Healthcare ended lower.
The broader market remained relatively subdued. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices continued to consolidate within a narrow range for a second straight session, although they managed to end the day in positive territory.
Market sentiment remains supported by improving geopolitical developments, a revival in foreign institutional investor participation and a decline in crude oil prices.
Reports suggesting progress towards a potential US-Iran peace agreement, which could be signed later this week, along with expectations of the Strait of Hormuz reopening fully, have improved global risk appetite.
Brent crude has eased to around $81.4 per barrel, while the rupee strengthened to around ₹94.3 against the US dollar, offering relief on inflation and external sector concerns.
How does the Nifty outlook look?
Nagaraj Shetti of HDFC Securities said a sustained move above the 24,000-24,100 zone could pave the way for a rally towards 24,500 in the near term. Immediate support is seen around 23,800.
Hitesh Rathi of Angel One believes a decisive breakout above the 24,000-24,150 resistance zone is necessary for bulls to regain complete control. Until then, the index is likely to remain range-bound, although the short-term bias remains positive.
Banking stocks have played a crucial role in helping the Nifty defend key support levels and drive the recent recovery. Rathi said any revival in momentum within the banking index could provide the next trigger for the benchmark to move higher.
According to him, the 23,800-23,780 zone, which coincides with the 50-DEMA and the previous session's low, is the immediate support area. Below that, the bullish gap zone of 23,650-23,600, aligned with the 20-DEMA, offers stronger support.
Rupak De of LKP Securities said the Nifty maintained its strength throughout the session and continues to trade above the 20-EMA on the hourly chart, indicating a positive near-term trend. However, he expects choppy trading to persist, with immediate resistance placed in the 24,070-24,200 zone and support at 23,900, followed by 23,700.
Meanwhile, Bank Nifty traded within a narrow 323-point range on Tuesday, marking its smallest daily range since February 2026.
Sudeep Shah of SBI Securities said the 57,700-57,800 zone will act as an immediate hurdle for the banking index. A breakout above 57,800 could trigger fresh buying and open the door for an advance towards 58,500.
On the downside, the 56,800-56,700 zone remains a crucial support area and holding above it will be key to maintaining the positive trend.
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