Indian equity indices opened Monday’s trading session on a higher note. The NSE Nifty 50 opened 50 points or 0.19% higher at 26,118. The BSE Sensex opened 137 points or 0.16% higher at 85,370.
The Bank Nifty opened 143 points or 0.24% higher at 59,010. Similarly, the small and mid-cap stocks were in line with benchmarks. The Nifty Midcap opened 80 points or 0.13% higher at 60,357.
“Technically, on weekly charts, it has formed a bullish candle, and on both weekly and daily charts, it has formed an uptrend continuation formation, which is largely positive. We are of the view that 26,000 and 25,850, or the 20-day SMA, will be key support zones for traders. As long as the market is trading above these levels, the bullish sentiment is likely to continue,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Despite profit taking on Friday, the chart structure for Nifty 50 is strong and well placed. “We are hopeful of a new all-time high in the near term; however, if Nifty 50 breaches and sustains below 26,000 levels, then we might see a fresh round of consolidation in the 25,750-26,100 zone,” said Vipin Kumar, Assistant Vice President of Technical Research at Globe Capital.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Infosys, Wipro, InterGlobe Aviation (IndiGo), Eicher Motors, and Tech Mahindra. On the flip side, the key laggards in the Nifty 50 pack included Eternal (Zomato), M&M, BEL, Tata Motors PV, and Grasim Industries.
Major movers on Monday
The stocks that were the major movers in the opening trade included Infosys, HDFC Bank, IndiGo, HCL Technologies, and TCS, which were the major movers in the morning trade.
