Taking Stock: Bulls back in action; Sensex up 1,046 pts, Nifty above 25,100

Jio Financial, Mahindra and Mahindra, Bharti Airtel, Bharat Electronics, Trent were among top gainers on the Nifty, while losers included Hero MotoCorp, Bajaj Auto, Maruti Suzuki, Dr Reddy's Laboratories.

All the sectoral indices ended in the green, with metal, PSU Bank, realty, power, telecom, capital goods up 1-2 percent.

Also Read - Bajaj Auto, Hero MotoCorp shares fall over 2% as China's rare earth exports drop 53% in May

Kaynes Tech shares added nearly 4% after the firm launched QIP to raise up to Rs 1,600 crore, Northern Arc Capital shares were down 2 percent as stock worth Rs 440 crore exchanged in block deal, Sun TV Network shares fell 1% amid legal dispute over shareholding between Maran brothers, Sai Life Sciences shares added 7 percent after 10% equity changes hands and Axiscades Technologies shares hit 52-week high on partnership with European firm.

80 stocks on the BSE touched their 52-week highs, including Hyundai Motor, ITD Cementation, Axiscades Technologies, MCX India, Bharti Airtel, Aditya Birla Capital, Bharat Electronics, Authum Investment, among others. Click to View More

Outlook for June 23

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing choppy movement amidst rising geo-political tension the last few sessions, Nifty finally witnessed an excellent breakout on Friday and closed the day higher by 319 points. After opening with a positive note, the market moved up sharply in the early part of the session. The upside momentum sustained in the mid to later part of the session and Nifty closed at the highs.

A long bull candle was formed on the daily chart after the formation of narrow range movement on the downside in the last three sessions. This market action is indicating a decisive upside breakout of choppy movement. Nifty on the weekly chart formed a long bull candle after a sharp weakness of last week and is placed at the upper end of broader high low range. This is positive indication.

The underlying trend of Nifty is positive. The next upside levels to be watched around 25250. A decisive breakout of the range could pull Nifty towards the next upside target of 25650 in the near term. Any consolidation or minor dips down to the immediate supports of 24900 could be a buy-on-dips opportunity.

Rupak De, Senior Technical Analyst at LKP Securities

Nifty moved up sharply after three days of consolidation, resuming its short-term rally. Moreover, the index has reclaimed the 21-day EMA, which could provide further momentum for an upward move.

Support is now placed at 24,850, and the index remains a ‘buy on dips’ as long as it holds above this level. On the higher side, it may continue advancing towards 25,350 and beyond.

Ajit Mishra – SVP, Research, Religare Broking

Markets showed strength and gained over a percent after three sessions of lackluster movement. Following an initial uptick, the Nifty gradually moved higher, surpassing the key hurdle at 25,000 and closing near the day’s high at 25,112. Sentiment improved after the news report indicated a possible de-escalation in the Iran-Israel conflict, with the U.S. signaling a delay in potential action, which led to a softening in crude oil prices.

Additionally, consistent buying by FIIs in the cash segment further supported the market. All key sectors participated in the rally, with realty, financials, and metals emerging as top gainers. The broader indices also saw relief, posting gains in the range of 1% to 1.4%.

The outlook remains positive, and a decisive move above 25,200 on the Nifty would signal the end of the ongoing 5-week consolidation phase and open the path toward the 25,600–25,800 zone.

In the absence of any major domestic events, global markets will continue to guide sentiment. We maintain our positive yet cautious stance and advise focusing on stock selection, particularly in line with sectoral trends.

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