Morning Market Views
The index witnessed strong momentum in the previous session and is now approaching a crucial resistance zone placed around 26,000–26,050 on the spot charts. On the downside, 25,800–25,750 continues to act as a strong support area, supported by visible put writing in the current weekly options expiry. The broader structure of the index remains positive as long as it holds 25,700 on a closing basis.
Bank Nifty also posted a healthy move in the last trade and is currently hovering near 60,500 on the daily charts. Immediate support for the index is placed around 60,100, while 60,900 stands as a strong hurdle for the day. The overall trend remains constructive unless the index slips below 59,900 levels.
Sectoral View
Banking stocks may witness short covering, tracking positive sentiment.
Auto and Metal stocks are likely to remain good buy-on-dips candidates.
Buzzing Stocks on the Street