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Published on 29-06-2026 10:34 am

Nifty

Nifty 50 staged a strong recovery last week from its immediate gap support zone near 23,800, forming a Piercing Line candlestick reversal pattern, reaffirming the strength of the demand zone between 23800–23900 and keeping the broader bullish trend intact. Following its recent breakout from a declining channel, the index continued to consolidate within the 23800–24200 range, indicating a healthy pause rather than a reversal. Although momentum indicators have moderated and currently suggest a neutral short-term bias, with weekly readings yet to strengthen, the ongoing consolidation at higher levels reflects underlying accumulation. A decisive closing above the immediate resistance of 24200 would confirm a fresh breakout, likely to attract renewed buying interest and paving the way for an upside move towards 24400–24500. On the downside, immediate support is placed at 23800, followed by a stronger support zone between 23750 (20-DEMA) and 23645 (major gap support). A sustained breach below this zone could weaken the prevailing bullish structure and trigger a phase of extended consolidation. Overall, the technical setup remains constructive, and the preferred strategy continues to be buy on dips, as long as the index sustains above the key support zone.

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Published on 29-06-2026 10:32 am

Global News

• China's Factory Profits Stay Strong, but Domestic Weakness Persists: China's industrial profits continued to grow at a strong double-digit pace in May, rising 21.1% YoY, although growth moderated from 24.7% in April, reflecting an uneven economic recovery. While cumulative profits for JanuaryMay increased 18.8%, supported by AI-driven sectors such as computers and electronics (+103.9%) and non-ferrous metals (+93.9%), downstream industries remained under pressure, with automaker profits falling 19.8% and furniture makers' earnings plunging 58.4%. Weak domestic demand, the prolonged property downturn, overcapacity, and geopolitical uncertainty surrounding the Iran conflict continue to weigh on the economy, prompting expectations of further targeted policy support and increased bank lending to stabilize corporate profitability

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Published on 29-06-2026 10:32 am

Economic News

• China emerges as key growth driver for India's frozen shrimp exports; US remains top market in FY26: India's frozen shrimp exports soared to a record high in FY 2025-26, driven by robust demand from China, which emerged as a significant growth market. The United States continues to be the top destination for these exports. This strong performance underscores the growing global appeal of Indian seafood, with the government actively working to diversify export markets and enhance the sector's competitiveness

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Published on 29-06-2026 10:22 am

BANK NIFTY

* The Banking Index ended marginally higher, witnessed sixth consecutive weekly gain while trading comfortably above its key important moving averages.

* The index gained during the first half before witnessing profit booking in the latter session, resulting in a near-flat close.

* Stock-specific action remained mixed, with SBIN and ICICI Bank outperforming, while AU Bank and IndusInd Bank underperformed.

* Immediate resistance is placed at 59,200, with 56,200 acting as crucial support.

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Published on 29-06-2026 10:21 am

Nifty

* Nifty traded volatile on Thursday and ended almost unchanged amid favourable cues.

* After a firm start, the Nifty maintained a positive tone during the first half before witnessing some profit taking as the session progressed.

* A decisive close above 24,200 remains critical for bulls to maintain firm control and approach the 200-day EMA near the 24,500 level.

* Amid the prevailing scenario, we continue to maintain a positive yet cautious stance and reiterate our preference for a stock-specific approach across sectors.

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