The NSE Nifty 50 surpassed the crucial resistances of 24,589 and 24,857 and closed above them, pointed out Devarsh Vakil, head – prime research, HDFC Securities. “Next resistance for the index is seen at 25,207, which happens to be a 76.4% retracement of the entire fall from 26,277 to 21,743. Support has now shifted upwards to 24,590,” he said.

Technically, after a gap-up opening, the market successfully cleared the 24,590 resistance mark, and post-breakout, positive momentum intensified, said Shrikant Chouhan, head – equity research, Kotak Securities.

“We believe that the 24,590 resistance zone has now become a strong support zone for short-term traders. On the higher side, 25,200–25,300 would be the key resistance areas, while below 24,590 traders may prefer to exit their long positions,” he said.

Bank Nifty index has taken 12 sessions to retrace just 38.2% of the prior 9-session rally at 49,157–56,098, indicating a shallow pullback that suggests underlying strength and potential higher bottom formation, as per Bajaj Broking Research.

“The daily stochastic has generated a buy signal highlighting strength and supports positive bias. We expect the index to head towards 56,400 levels in the short term,” the brokerage said.

FII/DII Activity

Overseas investors turned net buyers of Indian equities on Monday after a day of selling, while domestic institutional investors remained net buyers for the second session as India-Pakistan tensions ease after a ceasefire.

Foreign portfolio investors mopped up equities worth Rs 1,246.48 crore and domestic institutional investors bought equities worth Rs 1,448.37 crore, according to provisional data from the National Stock Exchange.

Global Cues 

Japan’s Topix advanced for 13 days in a row to be on its way to record the best winning streak in 16 years as risk appetite recovered following US and China’s decision to reduce tariffs temporarily. Markets in Australia and South Korea also advanced early Tuesday, tracking overnight gains on Wall Street.

The Topix and S&P ASX 200 were trading 1.36% and 0.57% higher, respectively. The KOSPI was trading 0.02% higher as of 6:48 a.m.

On Monday, the Dow Jones Industrial Average and S&P 500 ended 2.81% and 3.26% higher, respectively. The Nasdaq Composite ended 4.35% higher.

The dollar index was trading 0.15% down at 101.63. The Gold future was trading 0.34% higher at $3,239.30 an ounce as of 6:51 a.m. The brent crude was trading 0.20% down at $64.83 a barrel.

The GIFT Nifty was trading 0.11% or 28.50 points down at 24,919.50 as of 6:52 a.m.

F&O Action

Nifty May Futures up by 4.1% to 25,051 at a premium of 127 points.

Nifty May futures open interest up by 0.19%.

Nifty Options May 15 Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 24,200.

Put-Call ratio at 0.89, with highest change in Put open interest at 24,500.

Market Recap

The benchmark indices ended higher on Monday as they closed above 3%. The stock markets experienced a significant surge driven by improved investor sentiment following a notable reduction in tensions between India and Pakistan.

This positive development, coupled with encouraging signals from ongoing US-China trade talks, propelled the surge.

The Nifty 50 ended 3.82% higher at 24,924.70 and Sensex ended 3.74% up at 82,429.90.

Meanwhile, the currency market was closed on Monday on account of Buddha Purnima.

Major Stocks In News

  • One 97 Communication: Antfin Netherlands Holding B.V. is set to sell 2.6 crore shares, a 4% stake in the company tomorrow. The total size of this block deal is estimated to be Rs 2,065 crore, and Citigroup and Goldman Sachs are the bankers managing the deal.

  • Kfin Tech: A block deal by a promoter General Atlantic Singapore Fund Pte is scheduled for tomorrow. The offer size involves up to 1.18 crore shares, representing a 6.9% stake in the company, with a total deal value of up to Rs 1,210 crore.

  • Marine Electricals: The company completed the acquisition of marks marine radio. The shareholding of the company in Marks Marine Radio increases to 59.2% from 49.2%.

. Read more on Markets by NDTV Profit.The Indian stock market logged a sharp surge on first day of this week, driven by improved investor sentiment following a notable reduction in tensions between India and Pakistan.  Read MoreMarkets 

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