Nifty Surpasses 25,300, Broader Markets Lag On Expiry Day

Indian markets opened higher for the third straight session, with the Nifty trading above 25,300, its highest levels in nearly 9 months. 

At 9:45 a.m. IST, the Nifty 50 traded 104 points higher at 25,349, while the Sensex rose 317 points at 83,071. 

Broader markets underperformed on this monthly expiry session, with the Nifty Midcap index trading flat and the Smallcap index seeing 0.1% gains.

The retail sentiment on Stocktwits for Nifty remained ‘bullish’. 

Sectorally, it’s a mixed trend. IT, media, PSU banks, and real estate stocks witnessed slight pressure, while metals, consumer durables, and auto stocks traded with modest gains. 

Jio Financial was the top Nifty gainer, rising over 2%. The company announced that it had infused ₹190 crore in its payments bank subsidiary.

A large block deal (of nearly 9% stake) dragged Mobikwik 6% lower at the open. PB Fintech fell 1% after its promoters reportedly sold a stake worth ₹920 crore in a block deal. 

Western Carriers surged over 10% after the company secured a ₹558 crore logistics contract from Jindal Stainless. Texmaco Rail rose 6%, driven by a contract win worth over ₹500 crore. 

SMS Pharmaceuticals shares rose 6%, as they received zero observations from the United States Food and Drug Administration (USFDA), after an inspection at its Hyderabad unit.

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

In Thursday’s session, sustained acceptance above 25,280 is expected to extend the positive trend towards Gann target of 25,364, according to analyst Ashish Kyal. Support levels stand at 25,180, followed by 25,120 levels. 

Kyal adds that a decisive move above 25,364 could lead to strong momentum. On the flip side, if the index falls below 25,120, we will likely see a sideways consolidation till July 4.

Prabhat Mittal pegged immediate support for the Nifty at 25,100 and resistance at 25,320, while he placed Bank Nifty support at 56,300 and resistance at 56,900.

Analyst Varunkumar Patel noted that despite foreign institutional investors’ (FIIs) bearish stance in cash and F&O markets, the market has surprisingly sustained its gains. He added that if the Nifty holds strength in the opening hour, it could signal a short-covering rally.

Sameer Pande pegged Nifty support between 25,200 and 25,000, with resistance at 25,350.

Globally, Asian markets traded mixed, while crude oil prices rose for the second day, even as investors remained cautious on the fragile ceasefire between Iran and Israel.

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