Nifty Surges Above 25,700 as US Supreme Court Overturns Trump Tariff Policy; Sensex Jumps 480 Points
Markets Rally on Global Relief Signal; Nifty Forms Potential Double Bottom as 25,900 Breakout Could Trigger Move Toward 26,300
Indian equity benchmarks ended February 23rd on a strong footing, with the Nifty closing above the 25,700 level. Domestic markets cheered the U.S. Supreme Court’s verdict overturning Trump’s reciprocal tariff policy.
Investors are now awaiting further details on his revised strategy and the potential course of renegotiations by other countries.
At the close, the Sensex advanced 479.95 points, or 0.58 percent, to 83,294.66, while the Nifty gained 141.75 points, or 0.55 percent, to settle at 25,713.
On the sectoral front, Information Technology fell 1.4 percent and metals declined 0.2 percent. In contrast, the PSU Bank index rose 1.3 percent. Pharma, oil & gas, infrastructure, FMCG, and auto sectors posted gains of around 0.5 percent each.
Broader markets were mixed, with the Nifty Midcap index slipping 0.4 percent, whereas the Small-cap index inched up 0.3 percent
Nifty Outlook
The index formed a small bullish candle with shadows in either direction signaling consolidation with positive bias for the second session in a row. The index in the process moved above its 20- & 50-days EMA.
Nifty is seen consolidating in the range of 25,400-25,900 in the last 7-8 sessions. Only a breakout or a breakdown below this range will signal next direction trend. Volatility is likely to remain elevated amid uncertain global cues.
On the daily chart index has formed a potential double bottom around the last week low of 25,372. Index holding above the same and a move above last week high of 25900 will signal strength and open upside towards 26,200-26,300 levels in the coming weeks.
While a breach below last week low 25,372 will open further downside towards the 200 days EMA and the previous gap area placed around 25,100-25,200.
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Attributed to Bajaj Broking
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