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Market Closing Commentary

Indian benchmark indices opened with a gap-up and maintained their positive momentum throughout the session, trading in a narrow range with a strong upward bias. Investor sentiment remained upbeat as Brent crude oil prices cooled below the $85 per barrel mark and easing geopolitical tensions improved the overall risk appetite. Broad-based buying across sectors further supported the rally, helping the benchmark indices close near their day's highs. At close, the Nifty 50 surged 1.60% to settle at 24,774, while the Sensex gained 0.70% to close at 78,639.

On the sectoral front, Nifty IT, Bank, FMCG, and Metal emerged as the top-performing sectors, witnessing strong buying interest throughout the session. Nifty Media was the only notable laggard, while the rest of the sectoral indices ended in positive territory, reflecting broad-based participation in the rally. The broader market also mirrored the positive sentiment. The Nifty Midcap 100 index gained 1.21%, while the Nifty Small cap 100 index advanced 1.29%, highlighting strong participation across the broader market.

Nifty Outlook

Nifty started the week on a strong note closing firmly in the green. In the daily chart it has formed a bullish candle with a higher high and a higher low and closing above the higher band of the last three months consolidation and tested the 200 days SMA on Monday’s session.

Index has generated a breakout above the triangular consolidation of the last three months highlighting strength and the index to head towards 25,000-25,200 levels in the coming sessions. The daily stochastic has approached overbought territory with a reading of 91, hence some profit booking at higher levels can not be ruled out. We believe bias remain positive and dips if any in the coming sessions should be used as a buying opportunity. On the downside immediate support is placed at 24,500-24,400 levels. While key short-term support is placed at the 24,200 levels being the confluence of the key retracement of the current up move and 20 days EMA.

Bank Nifty Outlook

Bank Nifty formed a strong bullish candle with a higher high and a higher low signaling continuation of the positive momentum as the index closed above the 58,000 levels.

Bank Nifty in the last 7 weeks is seen consolidating in the range of 56,500-58,700. A decisive move above the upper band of the range 58,700 could trigger fresh buying momentum, paving the way for an advance towards 59,300 and 60,000 levels in the coming sessions. However, failure to surpass 58,700 levels is likely to keep the index range-bound between 57,000–58,700

On the downside, the 56,500–56,000 zone remains a crucial support area. This region is reinforced by the confluence of the lower band of the six-week trading range, an ascending trendline, and the 52-week EMA, making it a strong demand zone. As long as the index holds above this support cluster, the broader outlook is expected to remain constructive.

Technical Outlook

Religare Enterprises Limited Source: Spider Software, Bloomberg, NSE, NSDL, BSE, Bajaj Broking Research, Company data Time Period: 6 Months Religare stock has registered a breakout above its long - term falling trendline drawn from the December 2024 high (Rs 320 ) and the July 2025 high (Rs 295 ), signaling a positive shift in the overall price structure . The stock has sustained above the breakout level, indicating renewed buying interest and offering a favorable risk -reward opportunity . On the weekly chart, the stock has surpassed the previous week's high while continuing to hold above its 20 - week EMA, reflecting strengthening bullish momentum and a positive medium - term trend . Momentum indicators are also supportive, with the weekly 14- period RSI poised to cross above its 9- period moving average, suggesting an improvement in buying strength . Going ahead, we expect the stock to extend its up move towards the Rs 295 level, which coincides with the 80 % retracement of the previous decline from Rs 320 to Rs 199.65 . The overall technical structure remains constructive as long as the stock sustains above the breakout zone.

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