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The Indian stock market showed a strong opening with the Sensex and Nifty trading in positive territory. At 9:15 am, the BSE Sensex gained 180.43 points, reaching 66,299.12, while the NSE Nifty increased by 39.40 points, reaching 19,755.85. Notable gainers among Sensex stocks included L&T, Tata Steel, Bharti Airtel, Coal India, and Axis Bank, while Tech Mahindra, Asian Paints, BPCL, Britannia, and Eicher Motors lagged.
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, suggested that 19,550 is a strong support level for Nifty, and a continuation of buying from the current levels could lead to an uptrend.
In the case of Bank Nifty, it rebounded from the 78.6 percent retracement level of 44,186, closing at 44,588, down 36 points. Strong additions by put writers were observed at the 44,200 and 44,300 strike prices. The underlying trend in Bank Nifty remains weak, but a decisive close above 44,800 could stimulate buying interest, with downside support at 44,500.
With a significant surge in crude oil prices, market attention has turned back to inflation. Brent Crude, currently at $96.50 per barrel, has risen over 5 percent in the past few days, from a low near $91.85. The market now eyes the psychological $100 per barrel mark, with strong support around $90.
In other news, Jefferies has raised the target price for RIL to Rs 2,975, maintaining a BUY rating. According to the US-based investment bank, JioAirFiber holds the potential to unlock a revenue opportunity of $7-10 billion by driving broadband adoption among the 85 million pay-TV households currently lacking internet access.
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