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What is the story about?
The markets kicked off the week with a strong gap-up opening on Monday, snapping a brief consolidation phase amid firm global cues.
After opening 194 points higher, the benchmark slipped into a consolidation phase with a positive bias for most of the session.
Following early profit booking, the index staged a sharp recovery of around 100 points from the day's low, as it settled near the session high. The Nifty ended above the key 25,800 mark, rising 173 points to close at 25,867.
SBI, Shriram Finance, and Grasim emerged as the top gainers on the Nifty, while Max Healthcare, NTPC, and ITC faced selling pressure and closed among the top losers.
Stock-specific action remained in focus. Kalyan Jewellers surged over 15% to emerge as the top midcap gainer after reporting strong Q3 results.
Gokaldas Exports and other textile stocks rallied up to 7% following developments around the India-US interim trade framework.
Vodafone Idea gained 4% after promoter KM Birla bought shares via the open market. Meanwhile, PFC and REC ended in the red after their boards approved the merger proposal.
Sectorally, all indices closed in the green, led by Media, Consumer Durables, and Realty.
The broader market outperformed the benchmarks, with the Nifty Midcap 100 climbing 1.58% and the Nifty Smallcap 100 surging 2.64%.
Siddhartha Khemka of Motilal Oswal expects the market to continue its gradual upmove, with stock-specific action likely to remain in focus as the third-quarter earnings season approaches its final leg, with several companies scheduled to announce results this week.
On the technical front, Nagaraj Shetti of HDFC Securities said the next upside levels to watch are around 26,000 and 26,350 in the near term, while immediate support is seen at 25,700.
Nilesh Jain of Centrum Broking said that the Nifty has reclaimed its 50-DMA near 25,795, which is likely to act as immediate support. He added that the overall structure looks positive, with upside potential towards 26,000.
A decisive breakout above this level could trigger short covering and push the index towards 26,200.
LKP Securities' Rupak De said the index has broken above the resistance zone of 25,700, paving the way for further upside.
With sentiment remaining positive and the index reclaiming its 50-DMA, De sees resistance in the 26,000-26,200 zone, while support is placed at 25,650.
Nandish Shah of HDFC Securities said that the index has partially filled the earlier gap in the 25,108-25,641 range and has firmly resumed its uptrend while holding above all key moving averages.
Shah said a break above 26,000 could propel the index towards fresh all-time highs beyond 26,373, while the 25,450-25,500 zone remains a strong support.
After opening 194 points higher, the benchmark slipped into a consolidation phase with a positive bias for most of the session.
Following early profit booking, the index staged a sharp recovery of around 100 points from the day's low, as it settled near the session high. The Nifty ended above the key 25,800 mark, rising 173 points to close at 25,867.
SBI, Shriram Finance, and Grasim emerged as the top gainers on the Nifty, while Max Healthcare, NTPC, and ITC faced selling pressure and closed among the top losers.
Stock-specific action remained in focus. Kalyan Jewellers surged over 15% to emerge as the top midcap gainer after reporting strong Q3 results.
Gokaldas Exports and other textile stocks rallied up to 7% following developments around the India-US interim trade framework.
Vodafone Idea gained 4% after promoter KM Birla bought shares via the open market. Meanwhile, PFC and REC ended in the red after their boards approved the merger proposal.
Sectorally, all indices closed in the green, led by Media, Consumer Durables, and Realty.
The broader market outperformed the benchmarks, with the Nifty Midcap 100 climbing 1.58% and the Nifty Smallcap 100 surging 2.64%.
Siddhartha Khemka of Motilal Oswal expects the market to continue its gradual upmove, with stock-specific action likely to remain in focus as the third-quarter earnings season approaches its final leg, with several companies scheduled to announce results this week.
On the technical front, Nagaraj Shetti of HDFC Securities said the next upside levels to watch are around 26,000 and 26,350 in the near term, while immediate support is seen at 25,700.
Nilesh Jain of Centrum Broking said that the Nifty has reclaimed its 50-DMA near 25,795, which is likely to act as immediate support. He added that the overall structure looks positive, with upside potential towards 26,000.
A decisive breakout above this level could trigger short covering and push the index towards 26,200.
LKP Securities' Rupak De said the index has broken above the resistance zone of 25,700, paving the way for further upside.
With sentiment remaining positive and the index reclaiming its 50-DMA, De sees resistance in the 26,000-26,200 zone, while support is placed at 25,650.
Nandish Shah of HDFC Securities said that the index has partially filled the earlier gap in the 25,108-25,641 range and has firmly resumed its uptrend while holding above all key moving averages.
Shah said a break above 26,000 could propel the index towards fresh all-time highs beyond 26,373, while the 25,450-25,500 zone remains a strong support.
