Indian benchmark indices ended with strong gains, aided by the RBI’s 50 bps repo rate cut. This marked the third successive positive close for the headline indices. The gains were led by banking, auto, and realty stocks. The Nifty closed above the 25,000 mark after several sessions, reflecting a surge in optimism among market participants.
Commenting on the market move, Rupak De, Senior Technical Analyst at LKP Securities, said, “A rally followed by consolidation often results in an upward breakout, and this time too, we expect Nifty to break out above the recent consolidation range. On the higher side, resistance is placed at 25,150, and a move above this level — or even a sustained close above 25,000 — could set the stage for a rally towards 25,350. On the downside, support is placed at 24,850. A breach below this may weaken the current rally and trigger some profit booking.”
