Indian Markets Rebound From Weak Start: Nifty Holds 24,900 As Auto, Realty Stocks Rally

Stocktwits - Indian equity markets reversed opening losses to edge higher, with the Nifty holding the 24,900 mark. This comes despite cautious global sentiment ahead of the US Federal Reserve’s policy decision and rising crude oil prices.

At 9:50 a.m. IST, the Nifty 50 traded up 78 points at 24,932, while the Sensex gained 219 points to 81,802.

Broader markets traded upbeat, with the Nifty Midcap index gaining 0.2% and the Smallcap index rising 0.4%

However, the retail sentiment on Stocktwits for Nifty remained ‘bearish.’

Sectorally, most indices traded in the green, led by autos (1.3%) and real estate (1.1%).

Hindustan Zinc (NSE:HZNC) shares fell 6% after Vedanta (NSE:VDAN) reportedly sold a 1.71% stake worth ₹3,323 crore in a block deal. Vedanta shares rose nearly 1%.

Bombay Stock Exchange (BSE) shares fell 1% after the market regulator SEBI approved the swap of weekly expiry days between the National Stock Exchange (NSE) and the BSE. NSE will now observe its expiry on Tuesday instead of Thursday, and BSE will shift it from Tuesday to Thursday.

IndusInd Bank (NSE:INBK) shares gained 5% to become the top Nifty gainer as Nomura upgraded it to Buy with a target of ₹1,050, indicating 30% upside.

UGRO Capital rose 3% as it seeks to buy Profectus Capital for ₹1,400 crore. The board is also set to meet on June 20 to discuss fundraising.

M&M gained nearly 2% after the Competition Commission of India (CCI) granted unconditional approval to acquire a controlling stake in SML Isuzu (NSE:SMLI).

Polycab and Railtel (NSE:RAIT) gained 1%, driven by order wins.

Neuland Lab shares dropped by 2% following an administrative warning from SEBI regarding an insider trading violation.

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.

Ashish Kyal observed that a break above 24,920 could push the Nifty index to 25,010. On the downside, if the index closes below 24,790 on a 15-minute timeframe, it may face short-term pressure, leading to a retest of 24,710 levels.

For the day, he identified a broader range of 24,710-24,920. Kyal also noted that a minor dip, followed by an upside reversal, is possible.

Prabhat Mittal pegged immediate support for the Nifty at 24,680 and resistance at 25,020, while he placed Bank Nifty support at 55,300 and resistance at 56,100.

A&Y Market Research sees Nifty intraday resistance between 25,187-25,238 and support at 24,746-24,811.

For Bank Nifty, they see intraday resistance between 55,930-56,050 and support at 55,443-55,557.

Globally, Asian markets traded broadly lower, while crude oil prices rose to a five-month high amid a worsening geopolitical situation in the Middle East. Investors await the US Federal Reserve’s rate decision, which is due later today.

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