The Nifty is eyeing a potential up move with immediate targets at 24,300–24,600, though a dash to 25,000 this month appears uncertain according to Geojit Investment's chief market strategist Anand James. Following a supportive hammer candle formation on Friday, the index has successfully crossed the 24,000 mark during its extended winning streak, settling at 24,085.40 with a 0.40% gain on Wednesday. As per Religare Broking's Ajit Mishra, the index is now approaching the 100-day EMA near 24,150 level, with a sustained move above this zone potentially paving the way for an extension toward 24,500 in the near term. The markets extended their winning streak for the fourth consecutive session, supported by favorable global cues and sustained buying across sectors, though the index traded within a narrow range for most of the session after a positive start.
The IT sector remains a significant drag on the broader Nifty, with the Nifty IT index now at 3-year lows while heavyweight stocks are at 5-year lows. Friday's crash in IT stocks, triggered by Accenture's lower FY26 growth guidance, continues to weigh on sentiment and could cap any immediate upside. According to The Economic Times, the sector continues to face selling pressure, with every recovery attempt being met with renewed selling pressure. The Nifty is described as still negative overall, attempting to hold the 27,500 support level, making it a notable drag on the broader market performance. However, momentum indicators suggest some signs of stabilization, with the weekly RSI hovering near the oversold region and the MACD histogram showing signs of losing downside momentum, hinting at a possible near-term pause or mild pullback.
The defence index has hit a fresh 52-week high on Friday amid sustained buying on positive news flow, with strong momentum backed by both price structure and momentum indicators. The index has been trading within a narrowing wedge and has now pushed towards the upper boundary, suggesting volatility compression followed by directional expansion. From a price-action perspective, the index has completed a multi-week range breakout on the upside, indicating fresh participation and a continuation of the broader uptrend. On the momentum front, the weekly MACD has given a bullish signal crossover, which is significant given the higher timeframe, typically reflecting early-stage trend acceleration. Stocks such as Paras Defence, MTAR Technologies, Data Patterns, and Apollo have been gaining since the beginning of this month, while major players like BEL, BDL, Mazagon Dock, Cochin Shipyard, and GRSE have seen an uptick only since the beginning of this week.
According to Ajit Mishra from Religare Broking, the Nifty has reclaimed the psychological 24,000 mark, reinforcing the ongoing recovery momentum. The index is now approaching the 100-day EMA near 24,150 level, with a sustained move above this zone potentially extending toward 24,500. On the downside, the 23,800–23,900 region is expected to provide immediate support in the event of any profit-taking, followed by the 23,650 level as the next key support. Geojit Investment's Anand James advises caution with a strict downside support watch at 23,800, noting that oscillators are all seen turning lower but there are no clear signals towards a dash to 25,000. The continued easing in crude oil prices and expectations of a status quo from the US Federal Reserve in its upcoming policy meeting supported overall risk sentiment, though market participants remain watchful of Fed commentary on future interest rate trajectory.
Radico Khaitan emerges as a key recommendation with a buy target of ₹4,000–4,200 and stop loss at ₹3,480, exhibiting a strong bullish continuation setup across higher timeframes. The stock has resumed its uptrend after a brief consolidation, forming a sequence of higher highs and higher lows with improving volume activity. Redington is recommended as a buy with target ₹315 and stop loss at ₹264, exhibiting early signs of recovery after rebounding from the 200–210 demand zone and attempting to reclaim the 275–285 resistance band. The Economic Times experts also recommend Transformers & Rectifiers (target ₹4,000–4,200) and New India Assurance Company (target ₹187 with stop loss below ₹187). The technical analysis reflects a stock-specific approach as participation broadens across sectors, with analysts favoring relative outperformers while maintaining disciplined risk management. The broader markets also participated in the upmove, with midcap and smallcap indices advancing in the range of 0.52%–0.80%, indicating improving market breadth and sustained participation beyond frontline stocks.
