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What is the story about?
The benchmark Nifty 50 extended its winning streak for a third consecutive session and managed to close above the 25,900 mark. However, the index faced resistance near the key psychological level of 26,000, which triggered some profit booking at higher levels.
After opening on a positive note, the market failed to sustain early gains and slipped into a range-bound phase for most of the session.
Despite the weekly expiry, the index largely moved within a narrow 100-point consolidation band.
The Nifty ended the session up 67 points at 25,935.
Eternal, Tata Steel and ONGC led the gainers on the Nifty, while HCL Tech, Bajaj Finance and Dr. Reddy's Laboratories came under selling pressure and featured among the top losers.
Eternal emerged as the top gainer on the index, surging over 6%. The company announced the appointment of Deepinder Goyal as Vice-Chairman and Non-Executive Director.
Sectoral performance remained mixed, with Media, Auto and Metal stocks leading the gains, while Pharma, Healthcare and Chemicals saw mild losses.
Broader markets continued to outperform the benchmarks. The Nifty Midcap 100 rose 0.49%, while the Nifty Smallcap 100 added 0.38%.
The rupee strengthened by 18 paise to settle at 90.58 against the dollar, supported by a softer greenback and optimism around the India-US interim trade agreement. The currency also found support from foreign institutional investors turning net buyers this month.
Global cues remain in focus, with US retail sales data due later today, followed by non-farm payrolls and unemployment data tomorrow.
On the earnings front, key results scheduled for tomorrow include M&M, Divi's Laboratories, Ashok Leyland, LG Electronics and Max Financial Services.
Overall, markets are expected to maintain a gradual upward bias, with stock-specific action likely to intensify as the Q3 earnings season enters its final leg.
US export-oriented stocks, aided by the recent trade deal, along with metal stocks, are expected to remain in focus.
Technically, the Nifty continues to hold its uptrend, trading above all key moving averages.
According to Nagaraj Shetti of HDFC Securities, a decisive move above the 26,000 level could open the door for further upside towards 26,350 in the near term, while immediate support is seen at 25,800.
Nilesh Jain of Centrum Finverse said the 50-DMA, placed around 25,790, is acting as a crucial support zone. As long as the index holds above this level, the gradual upward momentum is likely to continue towards 26,000, with a breakout potentially triggering short covering and pushing the index towards 26,200.
Rupak De of LKP Securities said the short-term trend remains sideways to positive, with support at 25,790 and resistance in the 26,000-26,300 range.
Meanwhile, Nandish Shah of HDFC Securities said short-term resistance is seen near 26,000, above which the index could extend the rally towards fresh all-time highs above 26,373. On the downside, the 25,600-25,670 zone is expected to offer strong support.
After opening on a positive note, the market failed to sustain early gains and slipped into a range-bound phase for most of the session.
Despite the weekly expiry, the index largely moved within a narrow 100-point consolidation band.
The Nifty ended the session up 67 points at 25,935.
Eternal, Tata Steel and ONGC led the gainers on the Nifty, while HCL Tech, Bajaj Finance and Dr. Reddy's Laboratories came under selling pressure and featured among the top losers.
Eternal emerged as the top gainer on the index, surging over 6%. The company announced the appointment of Deepinder Goyal as Vice-Chairman and Non-Executive Director.
Sectoral performance remained mixed, with Media, Auto and Metal stocks leading the gains, while Pharma, Healthcare and Chemicals saw mild losses.
Broader markets continued to outperform the benchmarks. The Nifty Midcap 100 rose 0.49%, while the Nifty Smallcap 100 added 0.38%.
The rupee strengthened by 18 paise to settle at 90.58 against the dollar, supported by a softer greenback and optimism around the India-US interim trade agreement. The currency also found support from foreign institutional investors turning net buyers this month.
Global cues remain in focus, with US retail sales data due later today, followed by non-farm payrolls and unemployment data tomorrow.
On the earnings front, key results scheduled for tomorrow include M&M, Divi's Laboratories, Ashok Leyland, LG Electronics and Max Financial Services.
Overall, markets are expected to maintain a gradual upward bias, with stock-specific action likely to intensify as the Q3 earnings season enters its final leg.
US export-oriented stocks, aided by the recent trade deal, along with metal stocks, are expected to remain in focus.
Technically, the Nifty continues to hold its uptrend, trading above all key moving averages.
According to Nagaraj Shetti of HDFC Securities, a decisive move above the 26,000 level could open the door for further upside towards 26,350 in the near term, while immediate support is seen at 25,800.
Nilesh Jain of Centrum Finverse said the 50-DMA, placed around 25,790, is acting as a crucial support zone. As long as the index holds above this level, the gradual upward momentum is likely to continue towards 26,000, with a breakout potentially triggering short covering and pushing the index towards 26,200.
Rupak De of LKP Securities said the short-term trend remains sideways to positive, with support at 25,790 and resistance in the 26,000-26,300 range.
Meanwhile, Nandish Shah of HDFC Securities said short-term resistance is seen near 26,000, above which the index could extend the rally towards fresh all-time highs above 26,373. On the downside, the 25,600-25,670 zone is expected to offer strong support.
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