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Benchmark Indices extended gains for the fourth session in a row amid strong global cues. Investor sentiment remained buoyed by reports of a streamlined Goods and Services Tax (GST) structure, expected to boost spending and fuel consumption. Nifty started the session on a flat note, however gained momentum as the session progressed to form an intraday high of 25012 in the midsession. Index thereafter consolidated in a range to close just below the 25,000 levels. At close, the Sensex was up 370.64 points or 0.46% at 81,644.39, and the Nifty was up 103.70 points or 0.42% at 24,980.65. Among sectors, except pharma, all other sectoral indices ended in the green with telecom, FMCG, media, auto, oil & gas up 1%-2% each. The Nifty midcap 100 and small cap 100 indices rose 0.97% and 0.7%  respectively.

Nifty Outlook

The index formed a bullish candlestick pattern which remained enclosed inside previous session price range signaling consolidation with positive bias while holding above the 20- & 50-days EMA. Going ahead, index sustaining above Monday’s gap area ( 24631-24852) will keep the bias positive and will gradually open upside towards 25,250 levels in the coming sessions. Immediate support for Nifty is placed at 24,500-24,600 levels, while key support is placed around 24,000–24,200 range marked by the confluence of the 200-days EMA and an ascending trendline drawn from the February and March 2025 swing highs, making it a key demand zone for the near term.

Bank Nifty Outlook

Bank Nifty formed a bullish candlestick pattern which mostly remained contained inside previous session price range signaling consolidation amid positive bias. Buying demand in the last few sessions has emerged from the 100 days EMA. We expect the index to extend consolidation in the range of 54,800-56,300. Only a movement beyond this range will signal the next directional move. Key support area 54,800 and 55,000 — a region that aligns with the 100-day exponential moving average (EMA) and key Fibonacci retracement levels from the prior upward move. A breach below 54,800 will open downside towards 54,000 levels. On the higher side resistance is seen around 56,000–56,300 range, which corresponds to the recent breakout area and the 50% retracement of the entire decline (57628-54905).

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