The Indian stock market had been nervous about the India-Pakistan conflict as it was evident from the surge in India VIX, as it had shot up by 65 percent in just one day following India’s Operation Sindoor, However, the Markets remained resilient all through the conflict, only to fall on Friday. Today we are seeing an 18 percent fall in VIX as two major positive news came over the weekend.
Why the Stock Market Rose Today
One of the major reasons for the Stock market rally is definitely the Ceasefire agreement between India & Pakistan, just hours after major shelling was going on between the two countries. However, the representatives from the Indian Army, the Indian Navy, and the Indian Air Force stated that “we remain fully prepared and ever vigilant and committed to defending the sovereignty and integrity of the motherland.”
Another Reason for the Market to surge could be that the Whitehouse on their official website stated that “U.S. Announces China Trade Deal in Geneva”. However, the Secretary of the Treasury, Scott Bessent, said that more details will be shared on Monday, but the talks were productive.
Support & Resistance Levels for Nifty 50
After taking 12 days to break through the resistance zone between 24,250 and 24,400 levels, this range will now act as an immediate support area for the Nifty 50 index. However, after the major rise, Nifty is near its major resistance level from 24,760 levels to 24,860 levels. On the downside major Support level is from 23,790 to 23,680 levels.
Nifty 50 as of now is trading at 24,708 and has seen a major jump of 697 points or 2.91 percent from yesterday’s close. Nifty Small Cap 250 index is up 557 points or 3.68 percent, and Nifty Midcap 150 saw a jump of 612 points or 3.12 percent.
On the Sectoral Performance front, Nifty Realty was the top gainer with a 4.78 percent jump, followed by Nifty Metal with 3.76 percent, Nifty Energy at 3.51 percent, and Nifty IT at 3.53 percent..
The Advance ratio for NSE showed 2,383 stocks trading positively and 176 stocks trading in green compared to Friday’s close. Additionally, the KSE 100 (Karachi Stock Exchange) Index jumped 9.26 percent.
Written By Abhishek Das
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