10/11/26, Today is Tuesday, November 10, 2026, which is a market holiday for Diwali-Balipratipada.

10/11/26, Finding companies that reduce debt, improve working-capital efficiency, and increase returns on capital at the same time is not easy. Often, businesses achieve one at the expense of another. Growth can stretch working capital, while debt reduction can come at the cost of fresh investments.

Timex Group India, GE Vernova T&D India, and Borosil Renewables have improved on all three parameters over the past three years. But the similarities end with the headline numbers.

Timex has benefited from strong revenue growth and operating leverage. GE Vernova T&D has improved its working-capital position through a change in customer mix and a growing order book. Meanwhile, Borosil Renewables has recovered from a weak business cycle.

For investors, the key question is whether these improvements reflect lasting changes in the business or whether they are temporary.

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1. Timex Group India: Growth and operating leverage driving returns

Timex Group India reported its highest-ever quarterly total income in Q2FY27, with total income rising 47% y-o-y to ₹359 crore. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) grew faster, increasing 52.3% to ₹65.5 crore, taking the EBITDA margin to 18.2% from 17.6% a year earlier. This follows a strong FY26, when total income reached ₹800.6 crore, and EBITDA more than doubled to ₹116 crore from ₹49.7 crore in FY25.

Asset-light model drives high capital efficiency

Timex Group’s Return on Capital Employed (ROCE) has increased to 76% at the end of FY26, compared to 39% in FY25 and 38% in FY24. The high ROCE is supported by its asset-light franchise retail model and its Baddi manufacturing facility running at full capacity. This allows the company to grow revenue without a proportionate increase in its capital base. The operating leverage is visible in Q2FY27 numbers.

The company plans to invest $1.2 million to double the annual production capacity of Baddi to 12 million units to meet the rising demand. If the expansion is carried out as planned, it may support further growth with little increase in the capital employed.

Improving working capital efficiency

Efficiency in working-capital management has also boosted profitability. Working-capital days have fallen 23% as receivables are collected faster. The company gives standard credit terms of 30-90 days to retailers; however, the days sales outstanding (DSO) fell to a record low of 19 days. This has helped the company turn sales into cash quicker and release capital tied up in receivables.

The balance sheet has also strengthened, while keeping higher inventory to support growth. Internally generated cash funded the gross inventory of ₹358 crore in Q2FY27. The improvement is also seen as a consequence of a broader capital restructuring that has occurred in FY26. Timex Group’s net debt-to-equity ratio has reduced by 32.5% y-o-y from 0.40 times to 0.27 times in FY26.

For investors, the key monitorable will be whether the additional inventory translates into sales without weakening cash conversion or reversing the improvement in working-capital efficiency. 

2. GE Vernova T&D India: Quality order backlog and healthy cash conversion

GE Vernova T&D India has substantially improved its working-capital efficiency, thus strengthening its balance sheet. The company ended FY2026 with no debt and a cash surplus of about ₹2,500 crore. As of the end of Q2FY27, its order book stood at ₹21,440 crore, providing more than three years of revenue visibility.

Revenue for the period grew 32% y-o-y to ₹2,027 crore with an EBITDA margin at 27.1%. Cash generation has remained strong, with cash generated at ₹1,010 crore in the first half of FY27, taking the available cash balance to ₹3,250 crore.

Change in customer mix

A major contributor to this improvement is the shift in customer mix. GE Vernova T&D has now reduced its exposure to state utilities to less than 2%, with private customers, central utilities and public sector undertakings accounting for about 98% of its backlog. The shift has improved the company’s collection cycle. Trade receivables turnover ratio improved by nearly 20% y-o-y to 3.4 times in FY26.

The company also had a better order mix with a higher-value export order mix. Exports accounted for nearly 31% of revenue in H1FY27.

Better cash conversion driving returns

GE Vernova T&D India’s ROCE improved from 27% in FY24 to 66% in FY26, while ROE increased from 15% to 46%. The improvement reflects higher business volumes, a favourable product mix, better project execution, tighter control over fixed costs, and better cash conversion.

3. Borosil Renewables: Structural Margin Improvement and a De-risked Expansion

Borosil Renewables has reported a strong first half in FY27 with standalone revenue up 12.8% y-o-y at ₹801.8 crore and EBITDA up 18.5% at ₹258.3 crore. EBITDA margin was 31.2% for the half-year. However, margins declined to 28.6% in Q2FY27 due to routine furnace maintenance and fluctuations in fuel surcharges.

Despite the quarterly moderation in margin, profitability remains significantly higher than historical levels. Compared to a loss of ₹226.5 crore in H1FY26, the company reported a profit of ₹157.8 crore in H1FY27.

Domestic supply gaps and policy tailwinds

Favorable industry dynamics are also playing their part. Indian solar glass demand has reached around 10,400 tonnes per day (TPD), against domestic manufacturing capacity of just 2,900 TPD. Crucially, the imposition of a 5-year anti-dumping duty on Chinese and Vietnamese imports in December 2024 provided a massive policy tailwind. This allowed BRL to secure higher average ex-factory selling prices, thus improving profitability.

Better capital efficiency

The ROCE of Borosil Renewables has improved meaningfully from 5.30% in FY25 to 23.93% in FY26. The improvement in ROCE was supported by an increase in the inventory turnover ratio from 6.95 times to 10.48 times in FY26. Trade receivables turnover ratio improved from 10.43 times to 13.18 times, which indicates faster cash collections. Net capital turnover increased to 12.90 times. These changes imply the company is getting more revenue per capital tied up in its core operations.

Equity funding reduces balance sheet risk for expansion

Borosil Renewables is establishing 600 TPD capacity at an investment of around ₹1,100 crore to take advantage of the supply-demand gap, which is expected to be commissioned by early 2027. The expansion is being fully funded by issuing preferential equity and warrants, reducing the need for borrowings and helping protect the balance sheet.

But the additional capital will still increase the capital employed. For investors, the important thing to watch is the speed at which the new capacity feeds through to revenue and profits and whether utilization and realizations remain high enough to sustain ROCE.

In FY26, the debt-to-equity ratio was 0.11 times, compared to 0.23 times in FY25. The decline was primarily due to repayment of term loans, issue of fresh equity, and better profitability.

Despite improving operational performance and return ratios, Borosil Renewables’ stock fell from its 52-week high of ₹721 to a low of ₹369. The decline was largely driven by a ₹359.78 crore exceptional write-off in FY26, arising from loans, advances and investments linked to its overseas subsidiaries.

The Durability of Returns

The improvement in all three companies’ capital-efficiency ratios looks similar on paper, but the underlying economics are quite different.

Timex’s high ROCE is supported by an asset-light model and faster cash conversion, making incremental growth less capital-intensive. GE Vernova’s returns depend on converting a large order book into revenue and cash without allowing execution cycles to stretch working capital. Borosil’s recovery is more exposed to pricing, capacity utilisation and the returns generated on its expanded capital base.

Lower debt and higher ROCE alone do not guarantee lasting value creation. What matters is whether new investments generate enough returns and whether the cash coming into the business keeps pace with reported profits. Add these stocks to your watchlist and monitor how they execute their growth plans

Report by Deepan Datta

Source: Financial Express

Disclaimer: The views and investment tips expressed by investment experts are their own and not those of us. We advise traders to check with certified experts before taking any investment decisions.

10/11/26, According to Nimesh Chandan, CIO of Bajaj Asset Management, India remains an attractive investment destination, with corporate earnings growth remaining resilient despite elevated energy prices, rising global interest rates and geopolitical uncertainty.

As conditions normalise, the market is likely to refocus more on corporate earnings. "Combined with reasonable valuations in several sectors, this supports our expectation of double-digit equity returns over the next year," he said in an interview with Money Control.

Private sector banks remain his highest-conviction sector, supported by improving liquidity conditions, a pick-up in credit growth, favourable interest-rate dynamics and attractive valuations.

Internet platforms, meanwhile, offer an attractive proxy for consumption, given rising penetration levels and their higher growth potential compared with traditional consumer companies, Chandan said.

Have you noticed signs of risk-off sentiment emerging in US AI stocks, particularly following their recent decline after quarterly earnings announcements?

 The sharp correction in AI-related stocks, semiconductor indices (KOSPI and PHLX Semiconductor Index down 30 percent to 40 percent from their peaks) and rising CDS spreads in some of the data centre companies suggest some risk-off behaviour.

However, we see this largely as a correction of excess optimism in AI-related investments rather than a deterioration in the long-term AI opportunity. The structural case for AI adoption remains intact.

If the recent correction in US AI stocks deepens, could it trigger a broader shift in global capital flows towards emerging markets, including India?

India has already started seeing an improvement in foreign flows. As enthusiasm around the concentrated AI trade moderates, investors are likely to look more broadly across markets.

India remains attractive because earnings growth has stayed resilient despite high energy prices, rising global interest rates, and geopolitical uncertainty. A two-year time correction in Indian equity markets has led to reasonable valuations in large caps and select pockets of small caps.

Do geopolitical tensions and crude oil prices continue to pose significant risks to the Indian equity market?

We believe the changed political scenario in the US after the midterm elections makes it more likely that some sort of compromise may be worked out, leading to a cessation of hostilities in the Persian Gulf. India is a large importer of energy, and hence geopolitical tensions and oil prices remain important risks for India.

However, Indian corporates have demonstrated strong earnings resilience despite these headwinds. Any easing of tensions and normalization of shipping routes, as seen in the last few days, would provide an additional tailwind through lower energy and logistics costs.

Given the recent recovery in equity markets, do you believe the market has bottomed out and is gearing up for a fresh leg of an upmove? Is a potential 10–20 percent rally during Samvat 2083 a realistic expectation, or would that be too optimistic?

Rather than focus on market bottoms, we focus on earnings and valuations. Earnings were strong in the June quarter and improved further in the September quarter despite a challenging macro environment. The market has been focused on geopolitical tensions and volatility in energy prices.

With a return to normalcy, it should increasingly refocus on earnings. Combined with reasonable valuations in several sectors, this supports our expectation of double-digit equity returns over the next year.

Beyond crude oil prices and geopolitical tensions, what are the key domestic and global challenges that could influence the Indian equity market's performance during Samvat 2083?

Beyond crude oil and geopolitics, the key variable to watch is the continuation of El Niño conditions. Its impact on food inflation, rural consumption, and certain segments of retail credit will be an important monitorable for the market.

Which sectors are you most bullish on for Samvat 2083?

Private sector banks remain our highest-conviction sector given improving liquidity conditions, a pick-up in credit growth, supportive interest-rate dynamics and attractive valuations.

We also remain positive on consumer discretionary, especially automobiles. Internet platforms offer a good proxy for consumption due to rising penetration and higher growth relative to traditional consumer companies. Pharmaceuticals also offer compelling medium-term opportunities.

Do you expect any significant changes to India's tax structure or capital gains taxation to attract greater foreign investment?

A predictable regulatory environment is a very important driver of foreign investment. While any rationalization of capital gains taxes would improve India's relative attractiveness to foreign investors, continued reforms and policy stability will play a bigger role in strengthening India's appeal as an investment destination.

Report by Sunil Sankar Matkar, Network18 

Disclaimer: The views and investment tips expressed by investment experts are their own and not those of us. We advise traders to check with certified experts before taking any investment decisions.

10/11/26, Crude Oil

Oil prices edged lower on Tuesday, extending losses from the previous day, after US President Donald Trump said US military action against Iran is not necessary "at this point", easing concerns about prolonged disruptions to Middle East supply.

Brent crude futures fell 24 cents, or 0.23%, to $92.33 a barrel by 0102 GMT, while US West Texas Intermediate (WTI) futures fell 35 cents, or 0.40%, to $86.50 a barrel.

 Brent settled down 5.85% in the previous session after sliding to its lowest since August 31.

Trump said on Monday he plans to hold off on new military strikes against Iran for the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks.

Trump, in a Reuters interview and a later appearance in the White House press briefing room, said he plans to keep up a naval blockade in the Strait of Hormuz for now.

"The market continues to prioritise President Trump's more conciliatory tone toward Iran since the midterms," said Tim Waterer, chief market analyst at KCM Trade.

"While attacks on shipping around the Strait of Hormuz are still occurring, they have not escalated in a way that has forced a fresh risk premium into the market," he said.

Senior US and Gulf officials have cast doubt on the chances of any imminent peace deal between Washington and Tehran.

Iranian security council chief Mohsen Rezaei said the US should "stop manufacturing fake news about imaginary talks" and that it was "time to surrender to the seven conditions Iran has repeatedly set out."

On the supply side, OPEC oil output rose in October, a Reuters survey found, led by gains in Saudi Arabia, Kuwait and Iraq despite continued constraints on exports.

Elsewhere, Russian and Ukrainian officials planned to meet on Tuesday for two days of US-brokered talks — their first since February — after Trump suggested last week that a broad peace deal was possible in their 4-1/2-year-old war and could incorporate Europe's security.

Report by Reuters 

10/11/26, PostMarket REPORT

The Nifty 50 remained range-bound amid consolidation throughout the session before closing above the psychological 25,000 mark with modest gains on November 9. The index found support near 24,800 and continued to hover around the bearish gap formed on March 2 for another session.

The index needs to decisively close this bearish gap by surpassing the 25,150–25,200 resistance zone to extend its uptrend towards the next resistance at 25,500, which is close to the 78.6 percent Fibonacci retracement of the decline from 26,373 to 22,180. However, 24,800 remains an immediate and crucial support level. A break below this level could trigger a deeper correction towards 24,600–24,500, according to experts.

 The index opened higher but remained range-bound throughout the session. On the downside, it found support near 24,800, while profit booking emerged around the resistance zone of 25,080. It recovered more than 200 points from the day's low before closing at 25,045, up 58 points or 0.23 percent.

On the daily timeframe, the index formed a small bearish candle with a long lower wick, indicating strong buying interest at lower levels. The broader structure remains favourable for the bulls, with the index trading well above all key moving averages, which are also trending upwards.

Among momentum indicators, the RSI remained in the overbought zone at 77.88, with a strong bullish crossover, while the MACD maintained its upward bias. However, the green histogram bar contracted for the first time after expanding consistently over the previous eight sessions. These indicators suggest that the underlying trend remains strong despite the ongoing near-term consolidation.

"After the sharp rally, some consolidation would be healthy for the market. The Nifty's ability to sustain above the 24,600–24,800 zone will be important to preserve the positive bias and pave the way for a potential move towards 25,200–25,600," said Ajit Mishra, SVP – Research, Religare Broking.

He recommends using any further consolidation to selectively accumulate quality stocks, with a focus on banking, pharma, auto, infrastructure and capital markets themes.

The weekly options data suggests that the 25,000 strike will be a crucial level for determining the Nifty 50's next directional move, while the broader trading range is expected to remain between 24,500 and 25,500. The maximum Call open interest was concentrated at the 25,500 strike, followed by 25,000, while the maximum Put open interest was seen at 25,000, followed by 24,500.

Meanwhile, India VIX, the market's volatility gauge, declined 5.48 percent to 17.42 but remained elevated, indicating that caution and higher volatility could persist despite the market's positive momentum.

The stock market will remain closed on November 10 on account of Diwali Balipratipada.

Bank Nifty

The banking index rebounded after a day of correction, gaining 891 points or 1.51 percent to close at 59,741, outperforming the benchmark Nifty 50. On the daily chart, the index formed a bullish candle with a noticeable lower wick, indicating strong buying interest at lower levels.

The immediate and crucial resistance is placed in the 60,300–60,400 zone, with 60,400 marking the upper end of the bearish gap formed on March 2. This is followed by the next resistance zone of 60,800–61,100.

The strong follow-through buying reflects continued accumulation and improving market momentum. The RSI maintained its upward trajectory, while the uptick in ADX further reinforced the strength of the prevailing bullish trend.

Bank Nifty has maintained a higher high–higher low formation for the sixth consecutive session and decisively surpassed the 78.6 percent Fibonacci retracement of its decline from the record high of 61,765 on February 3 to 49,955 on April 6, signalling underlying bullish strength.

According to Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, the 59,200–59,300 zone will act as an immediate support area.

On the upside, 60,300–60,400 remains a crucial resistance band. A decisive and sustained breakout above this zone could pave the way for further gains towards 60,800, supported by continued short-covering and positive momentum, he said.

Report by Sunil Sankar Matkar 

Source:Network18

10/11/26, Nvidia CEO

On the streets of Taipei and Seoul, fans of Nvidia CEO Jensen Huang mob him for autographs on books, posters and sometimes even on their bodies. In private, even billionaires Larry Ellison and Elon Musk were once reduced to "begging" for his coveted AI chips.

The star power that 63-year-old Huang draws as the gatekeeper to Nvidia's chips shows how badly the AI industry is leaning on him for the graphics processing units that train models and run services such as ChatGPT.

But he is not just a chip supplier; instead Nvidia has in recent years turned its swelling cash pile into a war chest to fund companies ranging from AI cloud-computing providers and suppliers to the biggest labs.

Analysts say that makes Huang a potential risk to the AI industry as Nvidia investigates whether he was targeted by foreign intelligence after Huang confirmed his affair with a Chinese businesswoman accused of passing information to Beijing.

"It is hard not to read the news over the weekend as negative given it brings the stewardship of one of America's most important companies and the architect of the US AI trajectory under debate," Stacy Rasgon, analyst at Bernstein, said.

"Nvidia is not an ordinary company and Jensen is not an ordinary CEO; he is Nvidia, clearly sets the long-term strategy and direction, and pulls most of the company's strings himself."

VOCAL AI CHAMPION

Such is Huang's spell that a casual night of fried chicken and beer in Seoul with the CEOs of Samsung and Hyundai last year sent the shares of two South Korean food companies soaring, while his endorsement of Marvell Technology as the next "trillion-dollar company" propelled the shares of the custom chipmaker to record highs.

As a leading counterweight to AI skeptics, Huang has often dismissed fears of a bubble and challenged Anthropic CEO Dario Amodei's apocalyptic warning that the technology could pose an existential threat to humanity.

Any setback for Huang could deprive the AI industry of one of its most vocal champions who has often argued that the technology would transform everything from computing and manufacturing to healthcare and robotics.

AI'S CHIP ALLOCATOR-IN-CHIEF AND A POWERFUL BOSS

Huang's influence goes beyond talking up AI. He holds sway over the supply of the chips that can determine how fast AI companies spending tens of billions of dollars can grow.

That status was validated by Oracle co-founder Ellison in September 2024 when he recounted a dinner at Nobu in Palo Alto.

"I would describe the dinner as me and Elon begging Jensen for GPUs," Ellison told analysts. "Please take our money ... We need you to take more of our money."

Huang has a firm grip on Nvidia, which he runs through an unusually flat structure, with dozens of executives reporting directly to him.

However, as its fifth-largest shareholder with a roughly 3.6% stake, he does not have special voting shares that give founders such as Meta Platforms' Mark Zuckerberg and SpaceX's Elon Musk majority control of their companies.

"A lot of companies' organization charts, they all look the same. And it doesn't make any sense to me. The architecture of the company should reflect the environment in which it exists," Huang said on the Lex Fridman Podcast in March.

He said more than 60 executives report to him, nearly all in engineering roles, including experts in memory chips, networking and graphics and central processors.

Huang's family is also woven into Nvidia, with son-in-law Nico Caprez overseeing ties with neoclouds and data-center operators as vice president of global AI infrastructure growth.

Huang's daughter Madison is a senior director overseeing marketing for Nvidia's physical AI products and often accompanies him on business trips, while his son Spencer works in the robotics division.

NO IMMEDIATE SUCCESSOR

Analysts have said Huang, who has run Nvidia since co-founding the chip designer in 1993, has no clear successor. The company, which said over the weekend Huang has the board's backing, has not disclosed a succession plan.

"Jensen is not replaceable... there is no other person on the management team bench that can step in seamlessly as CEO," said long-time technology bull Dan Ives, partner and senior managing director at Yorkville Ives & Co.

Besides Huang, Nvidia lists four executives on its leadership page. The best known is finance chief Colette Kress, who often represents the company at investor conferences.

The others are executive vice president of worldwide field operations Nick Parker, executive vice president of operations Debora Shoquist and Tim Teter, executive vice president, general counsel and secretary.

Report by Reuters 

Source : Network18 

9/11/26, Since Last Thursday my health is not good...

05/11/26, BIZsnaps

 

05/11/26, PostMarket REPORT by Sharmeeli Mallik

Indian stock markets witnessed a sharp rally on Thursday, with the Sensex closing 2008.61 points or 2.60 per cent higher at 79,310.01 and Nifty 50 ending 576 points, or 2.40 per cent up at 24,536.60, as easing crude oil prices and renewed foreign investor buying lifted market sentiment.

Today' rally was broad-based, with buying seen across market segments, sectors and heavyweight stocks. Joining the D-Street bull run ahead of Diwali, the Nifty Midcap 100 advanced 1.87 percent while the Nifty Smallcap 100 rose 0.53 percent.

The rally came amid improving global sentiment following the November 2026 US midterm elections, in which the Democratic Party won control of both the Senate and the House of Representatives, delivering a significant political setback to President Donald Trump's administration.

Additionally, Brent crude prices declined sharply below USD 100 per barrel and were trading at USD 95.69 per barrel at the time of writing this report around 3.05 pm. The decline offered relief to an oil-import-dependent economy such as India and supported sentiment in domestic equities.

Nifty Midcap 100 performance today: Top gainers and losers

 The Nifty Midcap 100 index rose 1.87 percent or 1,115.40 points to close at 60,620.90. The index opened at 60,414.65 and touched an intra-day high of 60,757.90.

The gains in the index was led by Ashok Leyland which rose over 10.50 percent, followed by Motilal Oswal Financial Services (8.09 percent), Groww (7.25 percent), Patanjali (6.98 percent), Maharashtra Bank (6.90 percent), 360 ONE WAM (6.76 percent), MRF (6.71 percent), and Swiggy (5.94 percent) Among the other gainers on the index were – Kalyan Jewellers, SBI Cards and Payment Services, L&T Finance, Mahindra & Mahindra Financial Services, IndusInd Bank, Biocon and Jubilant Foodworks.

On the other hand, PI Industries,Oil India, Bharat Forge, GE Vernova T&D India, Astral, Apar Industries, NLC India, Tata Communications, Dabur, Nykaa and Premier Energies emerged among the key laggards.

Nifty Smallcap 100 performance today: Top gainers and losers

The Nifty Smallcap 100 index was 0.53 percent higher at 19,126.40. The index opened at 19,298.40 and touched a high of 19,306.35, led by Devyani International, Sammaan Capital, Karur Vysya Bank, IIFL Finance, Wockhardt, Tata Elxsi, Angel One, KPIT Technologies, Brigade Enterprises, Inox Wind, Manappuram Finance, Physicswallah, NBCC (India) whose shares advanced between 4 percent and 9 percent.

In contrast, Kirloskar Oil Engines, Chennai Petroleum Corporation, TD Power Systems, Mangalore Refinery and Petrochemicals (MRPL), BEML, The Great Eastern Shipping Company, Sterlite Technologies declined between 5 percent and 12 percent.

Source: Network18 

Disclaimer: The views and investment tips expressed by investment experts are their own and not those of us. We advise traders to check with certified experts before taking any investment decisions.

05/11/26, PostMarket REPORT by Sunil Sankar Matkar

The Nifty 50 has firmly entered bullish territory, backed by strength across key technical indicators over the last six consecutive sessions. The index surged 2.4 percent on November 5, marking its biggest single-day gain in seven months. Renewed optimism over a potential easing of external headwinds, including West Asia tensions, cooling crude oil prices and tariff-related concerns, following the Democratic Party's landslide victory over Trump's Republican Party in the US midterm elections, lifted market sentiment.

The Nifty 50 has rallied nearly 1,900 points over the last six consecutive sessions and moved convincingly above its key long-term moving averages, with the short- and medium-term moving averages also trending upwards. The 10-day EMA has moved above the 50-day EMA and is approaching the 100-day EMA. Additionally, the index has surpassed the 78.6 percent Fibonacci retracement level of its decline from 24,774 to 22,180, signalling strengthening bullish momentum.

Notably, the daily Relative Strength Index (RSI) has climbed to 74.69, its highest level since September 2024, indicating strong upward momentum. The Moving Average Convergence Divergence (MACD) indicator has also maintained its upward trajectory, with the green histogram bars expanding for the sixth consecutive session.

Against this backdrop, market experts expect the Nifty 50 to move towards 24,800, near its August high, which is likely to act as the next major hurdle. A sustained move above this level could open the door towards 25,000 and subsequently 25,500. However, the index may first enter a consolidation phase after its sharp recent rally. On the downside, 24,300, Thursday's low, is the immediate support, followed by the crucial 24,000 zone.

The Nifty 50 opened more than 400 points higher on Thursday and extended its gains as the session progressed. The index touched an intraday high of 24,580 in the second half of the session before closing at 24,537, up 576 points or 2.40 percent. This was its biggest single-day gain since April 8.

On the daily chart, the index formed a strong bullish candle. Meanwhile, the intraday charts continue to show a higher-high and higher-low formation, indicating that the prevailing uptrend remains intact and further upside is possible.

"For day traders, 24,350 would act as a key support level. As long as the market is trading above this level, bullish sentiment is likely to continue," said Shrikant Chouhan, Head of Equity Research at Kotak Neo.

On the upside, the rally could extend towards 24,700–24,800. However, a break below 24,350 could trigger a correction towards 24,250–24,200, he added.

According to weekly options data, the 25,000 strike, which has the highest concentration of Call open interest, could act as a crucial resistance level for the Nifty 50. The 24,800 strike, which has the next-highest Call open interest, is likely to serve as an immediate resistance.

On the downside, the 24,400 and 24,300 strikes have significant Put open interest and are likely to act as immediate support levels for the index.

Meanwhile, the fear gauge India VIX continued to trade above the 15 mark, signalling persistent caution among bulls. The index rose 2.58 percent to 15.58. A decisive decline below 14 could help improve market confidence and provide further comfort to bullish traders.

Bank Nifty

The Bank Nifty staged a strong performance on Thursday, opening nearly 1,200 points higher and extending its gains through the session. The index closed at 57,774, its highest level since August 31, gaining 1,860 points or 3.33 percent. This was its biggest single-day rally since April 8.

On the daily chart, the Bank Nifty formed a sizeable bullish candle, reflecting strong buying interest. It also moved decisively above its key short- and long-term moving averages. Meanwhile, the daily RSI crossed above the 60 mark and continued to trend higher, indicating strengthening bullish momentum.

"Going forward, the 57,200–57,100 zone is expected to act as a crucial support area for the index. As long as Bank Nifty sustains above the 57,100 level, the bullish bias is likely to remain intact," said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.

In the short term, the index could extend its upmove towards the 58,200–58,300 zone, with further upside potential towards 58,700, around its June high, and subsequently 59,000, he added.

Report by Sunil Sankar Matkar 

Source: Network18 

Disclaimer: The views and investment tips expressed by investment experts are their own and not those of us. We advise traders to check with certified experts before taking any investment decisions.