The Nifty 50 opens this truncated week with eyes on 23,250-23,300, riding a rare momentum: two consecutive weekly gains, a streak last seen in July-August. The index has climbed 900 points in just six sessions, a surge that invites both optimism and caution. With Tuesday marked as a holiday for Dusshera, traders face a compressed trading week, starting with Nifty weekly expiry today.
Banking stocks are the frontline here. Nifty Bank is testing the 56,000-56,200 zone on the upside, with 55,500 acting as immediate support. The sector’s direction hinges on reactions to Saturday’s earnings from HDFC Bank, ICICI Bank, Axis Bank, and Yes Bank. If these heavyweights hold firm, the broader index gains traction; if they slip, the 23,000 level becomes critical for bulls.
Global headwinds loom. The AI trade unwound on Wall Street last Friday, and Russia’s 60-day sanctions waiver adds geopolitical uncertainty. Meanwhile, outflows from Korea and Taiwan, coupled with persistently higher oil prices, dampen risk appetite. In this environment, earnings—not just macro narratives—will dictate the index’s next move.
Technically, Nifty faces a hurdle at 23,200-23,250. Bulls must defend 23,000; a break below could drag the index to the 22,950-22,900 support zone. For Nifty Bank, 56,000 is the next challenge, with 55,500 as the fallback. Sector-wise, hospital stocks like Divi’s Labs are gaining attention, driven by their own earnings cycles.
Watch the next two sessions closely. With weekly expiry today and a holiday tomorrow, volatility may spike. Traders should monitor Nifty Bank’s reaction to HDFC and ICICI numbers, as well as any shift in oil prices. If 23,250 breaks, the path to 23,300 opens; if 23,000 fails, expect a correction toward 22,900.