Nifty Extends Rally as Momentum Builds Amid Supportive Domestic and Global Cues

Index Update: The Nifty 50 Index closed near 24,774.30, remaining above its 50-day SMA of 23,926.27, indicating that the medium-term technical structure continues to strengthen. Recent price action reflects a strong rebound, with the index breaking above its recent trading range and extending gains while remaining comfortably above its moving average. The 14-day RSI stood at 66.87, suggesting strengthening momentum while approaching overbought territory. Immediate support is placed near 24,650.00 and 24,520.00, while resistance is seen around 24,900.00 and 25,030.00. A sustained move beyond these levels could influence the index's next directional trend.

Macro Update: Indian markets continue to track global cues amid expectations around central bank policy, inflation, and corporate earnings. Stable domestic economic activity, easing inflation, and resilient GST collections support the growth outlook. Meanwhile, movements in crude oil prices, the rupee, and government bond yields remain key factors influencing investor sentiment. Global trade developments and foreign fund flows will also stay in focus.

Top Market Movers: On Monday, Grasim Industries Limited (NSE:GRASIM) led the gainers with a 5.13% increase, closing at INR 3,260.00 followed by Tata Consultancy Services Limited (NSE:TCS) up 4.57% at INR 2,473.70 and InterGlobe Aviation Limited (NSE:INDIGO) which rose 4.43% to INR 5,400.00. On the downside followed Apollo Hospitals Enterprise Limited (NSE:APOLLOHOSP) saw the largest drop, falling 1.53% to INR 8,820.00 followed Sun Pharmaceutical Industries Limited (NSE:SUNPHARMA) down 1.36% to INR 1,963.50 and Maruti Suzuki India Limited (NSE:MARUTI) which dropped 0.59% to INR 14,150.00.

Commodity Update: The Japanese yen strengthened sharply on Monday, keeping global currency markets on alert after coordinated intervention by Japanese and U.S. authorities aimed at supporting the historically weak yen. A firmer yen weighed on the U.S. dollar, providing modest support to precious metals. Gold advanced 0.27% to USD 4,118.45 per ounce, silver climbed 0.94% to USD 58.33 per ounce, and copper gained 0.23% to USD 13,823.00 per metric ton. Meanwhile, Brent crude oil dropped 4.80% to USD 83.68 per barrel after U.S. President Donald Trump announced renewed negotiations with Iran, easing immediate concerns over potential supply disruptions.

Our Stance: The market structure remains favourable as the Nifty 50 continues to trade above its key moving average with improving momentum. However, the RSI is approaching overbought territory, indicating the possibility of near-term consolidation. Investors may closely monitor support levels, global macro developments, commodity price movements, and corporate earnings for further market direction.

Disclaimer:

The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.

Copyright 2026 Krish Capital Pty. Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.