Nifty 50 Opens Higher, Extends Bullish Momentum Amid Sectoral Gains

Image Source: Mint

India’s Nifty 50 index started the week on a positive note, rising 0.27% in pre-open trade on May 26. The benchmark opened above the 24,900 mark, building on last week’s strong rebound and reflecting continued optimism across global and domestic markets.

Key Highlights:

Firm Opening: Nifty 50 opened at 24,919.35, up 309.65 points from the previous close of 24,609.70, signaling a 1.26% gain at the open and a continuation of bullish sentiment.

Market Drivers: The positive start follows a robust rally in banking, IT, and metal stocks last week. Foreign institutional investors (FIIs) turned net buyers, and domestic institutions continued to support the market, reinforcing the uptrend.

Technical Outlook: Analysts see immediate resistance for Nifty at 24,946 and 25,116, with support at 24,748 and 24,685. A sustained move above 25,000 could trigger further upside toward 25,250–25,350, while a break below 24,700 may attract bearish bets.

Sectoral Strength: Broader market indices, including midcap and smallcap segments, are also participating in the rally. FMCG, banking, and IT sectors are leading the gains, while the pharma sector lags.

Market Sentiment: The arrival of pre-monsoon showers and expectations of an above-normal monsoon are boosting rural demand outlook. Investors are also eyeing upcoming quarterly GDP data and the RBI policy meeting for further cues.

With the Nifty 50 holding above key technical levels and market breadth improving, the short-term trend remains positive, though consolidation within the 24,700–25,000 range is likely until a decisive breakout occurs.

Sources: Moneycontrol, India Today, CNBC-TV18