Indian benchmark indices are expected to open marginally higher on Tuesday, taking cues from overnight gains on Wall Street. According to reports from LiveMint, the domestic market ended in the green for the fourth straight session on Monday, aided by improving investor sentiment, a revival in monsoon activity and continued buying by foreign institutional investors. The BSE Sensex rose 521.16 points (0.67%) to settle at 78,285.07, while the Nifty 50 gained 159.50 points (0.66%) to close at 24,430.35.
Vinay Rajani, Senior Technical and Derivative Analyst at HDFC Securities, provided insights on the market outlook and technical setup. As reported by LiveMint, Nifty 50 has decisively broken above the key resistance zone of 24,200, with today's move above the 200 DEMA near 24,220 further strengthening the bullish setup. The index is now trading above its 20, 50, 100, and 200 DEMAs, indicating positive trend across time frames. Support at 24,200 can now be viewed as a fresh buy-on-dips zone, while 24,000 remains the positional stop-loss for long trades.
According to HDFC Securities' analysis reported by LiveMint, Gail shares are recommended as a buy at ₹175 with a stop-loss of ₹165 and targets of ₹185 and ₹193. The stock has broken out of an inverted head-and-shoulders pattern on the weekly chart with rising volume and is placed above all key moving averages. Adani Ports is suggested at ₹1,875 with a stop-loss of ₹1,790 and targets of ₹1,975. The stock has broken out from a two-month consolidation period with rising volume and is above all key moving averages. Recent market data shows Adani Ports SEZ trading at ₹1,878.2 with a 0.22% daily rise, delivering impressive 35.32% returns over the past three months.
On the upside, Nifty 50 may head toward 24,631, which aligns with the 61.8% Fibonacci extension, followed by 24,865 near the 200-day SMA. As reported by LiveMint, weekly and monthly indicators continue to reflect underlying strength. The technical setup suggests potential for continued bullish momentum with proper risk management through defined stop-loss levels. Recent trading data shows Adani Ports SEZ maintaining strong momentum with 1,645,113 shares traded and a 6-month beta of 1.2368, highlighting its investment risk amid market fluctuations.
