Ahead of Market: 10 things that will decide stock market action on Tuesday
Bharatiya Janata Party (BJP) led Mahayuti alliance in Maharashtra assembly elections. It was a broad based rally panning all sectors but bank stocks stood out. While the benchmark S&P BSE Sensex settled at 80,109.85, up by 992.74 points or 1.25%, the broader Nifty closed at 24,221.90, higher by 314.65 points or 1.32%.
Here's how analysts read the market pulse:
Commenting on the day's action, Rupak De, Senior Technical Analyst, LKP Securities said Nifty traded sideways throughout the day despite opening with a gap-up. The index has moved above the 21 EMA, indicating improving sentiment, he added.
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«The RSI is in a bullish crossover and trending upward. The sentiment is expected to remain positive in the short term, with buying on dips likely to favor traders. On the higher side, 24,500 is expected to act as a crucial resistance; a decisive move above this level could trigger a further rally. Support on the lower side is placed at 23,950–24,000,» De said.
US markets
The S&P 500 and Dow hit intraday record highs on Monday, while the Nasdaq also rose, driven by optimism over Scott Bessent's nomination as Treasury Secretary in Trump’s administration.
By 9:50 a.m., the Dow gained 459.25 points (1.03%) to 44,753.77, the S&P 500 rose 43.12 points (0.72%) to 6,012.50, and the Nasdaq added 153.88 points (0.81%) to 19,157.53.
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