Morning Market View
The benchmark index has taken support near its crucial 50-DMA zone placed around 25,550 (spot), indicating buying interest at lower levels. As long as the index continues to hold 25,500 on a closing basis, the overall chart structure remains constructive. On the upside, 25,900–26,000 is a stiff resistance zone where heavy call writing is visible in the current weekly options expiry, making it a key hurdle for further upside.
Bank Nifty witnessed a decent recovery in the last trading session and is currently trading near 60,100 on the daily charts. Immediate support is placed in the 59,600–59,700 zone, while 60,500 stands out as a strong resistance for the day. The broader trend for Bank Nifty remains neutral, unless the index slips decisively below 59,700.
Sectoral View
IT stocks may witness short covering, supported by positive cues from US markets.
Banking stocks are expected to remain buy-on-dips candidates, provided key supports are respected.
Results to Watch Today
AMBER
AUROPHARMA
BATA INDIA
KPRMILL
TEXRAIL
Buzzing Stocks on the Street