During Wednesday’s session, the Nifty opened with an upside gap of 123 points and crossed the 25,000 mark, hitting an intraday high of 25,035. This was followed by a brief correction of 120 points, pulling the index down to 24,915.
However, post 2:45 pm, the Nifty witnessed a strong recovery of over 70 points from the day’s low and ended the session on a firm footing.The index ultimately closed with a gain of 104 points, or 0.42%, at 24,973.
Leading the charge in the Nifty pack were BEL, Wipro, and HCL Technologies. On the other hand, it was a rough session for auto heavyweights such as M&M, Bajaj Auto, and Maruti, which ended as major laggards.
Barring Nifty Auto, Media, and Consumer Durables, all other sectoral indices ended in the green. Among them, Nifty IT, PSU Banks, and Realty were the top gainers.
The broader markets outperformed the benchmarks, with the Nifty Midcap 100 Index rising 0.93% and the Nifty Smallcap 100 Index gaining 0.73%.Globally, the rally in US equities continued, driven by expectations of a US Fed rate cut in the upcoming policy meet amid signs of slowing job growth.
Meanwhile, global rating agency Fitch revised its growth forecast for India, raising its FY26 projection to 6.9%, up from the earlier 6.5%.
Overall, Siddhartha Khemka of Motilal Oswal expects the Indian market to continue its gradual uptrend, led by positive global cues, a GST-led consumption boost, and robust domestic macros.
Nagaraj Shetti of HDFC Securities said the underlying trend of the Nifty remains positive. However, having failed to decisively break above the 25,000 mark, there is potential for short-term consolidation before a breakout above this hurdle.
Osho Krishan of Angel One said that a sustained move toward 25,153 and 25,669 could trigger short covering, which would be supportive for the bulls. He added that a decisive move beyond the 25,000 mark could open the door to test 25,153 in the near term. If surpassed, the next resistance is likely around 25,200-25,250.
Nilesh Jain of Centrum Broking said that the Nifty has moved above its 50-day moving average and is currently trading above all key short-term and long-term moving averages. He expects a gradual move toward the 25,200-25,500 zone, with immediate support near 24,800.
Nandish Shah of HDFC Securities echoed a similar view, stating that the Nifty’s position above all key moving averages indicates a bullish trend across all time frames. Resistance is seen at 25,153, the previous swing high, while support lies near 24,800.
According to Rupak De of LKP Securities, if the Nifty sustains above the 24,820-24,750 zone, it may move toward 25,160 and higher levels. However, a breach below this support range could lead to short-term weakness.
