Stock Market Update: Nifty 50 Jumps 320 Points; Sensex Surges 1,022 as Rally Lifts Markets Near Record Highs

The Indian stock market is set for a positive opening on Thursday, with early indicators pointing toward renewed optimism after Wednesday’s rally. The GIFT Nifty, trading near 26,440, up 60 points over the previous Nifty futures close, also indicates a positive start for the benchmarks.

On Wednesday, markets rallied after a three-day decline. The Sensex surged 1,022.50 points (1.21%) to 85,609.51, while the Nifty 50 climbed 320.50 points (1.24%) to close at 26,205.30. 

The Bank Nifty also touched a fresh all-time high of 59,554.95 during the session. Both Sensex and Nifty are also trading close to their all-time highs.

Sensex Outlook

Sensex has formed a strong reversal candle on the daily charts, indicating renewed momentum.

The 85,000-85,300 will act as key support levels. As long as the index stays above this range, the short-term trend is expected to remain positive. 

On the upside, immediate resistance lies between 86,000-86,200; a breakout above these levels may push the index further. The 85,800-86,000 band is key, and a move beyond this zone could open the gates for fresh record highs.

Nifty 50 Prediction

Nifty 50 has formed a strong bullish candle, engulfing the previous four sessions’ range, a positive signal. Analysts believe the index may attempt a new all-time high soon with near-term targets at 26,300 and 26,500.

Immediate support is at 26,050-26,000, while resistance is around 26,270-26,300. A decisive break above 26,300 could trigger a fresh rally toward 26,500-26,700.

Derivatives indicate the majority of trades were taking place at the 26,000 strike. Heavy call writing at this level indicates profit-booking by short-term traders, while maximum put open interest at 25,800 suggests a strong support at the lower levels.

Bank Nifty Outlook

The Bank Nifty settled on Wednesday at 59,528.05, forming a strong bullish candle. According to analysts, if the index closes above 59,400, a buy-on-dips strategy would be the way to go.

A close above 60,000 could pave the way for a rally toward 61,000, while 59,000-58,841 remains a strong support level.

Also Read: US Stock Market Today: S&P 500 Gains 0.9% as Soft Labor Data Fuels Fed Easing Outlook

Market Sentiment

According to Motilal Oswal’s Siddhartha Khemka, Wednesday’s rebound reflects renewed confidence driven by expectations of potential rate cuts from both the US Federal Reserve and the RBI. 

With macro sentiment turning favourable, Indian markets may be on the verge of reclaiming fresh record highs.