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Informist, Friday, May 23, 2025

MUMBAI – The benchmark indices are expected to continue their northward journey next week and the Nifty 50 may test the 25000 level as sentiment remains positive in the near term, analysts said. Corporate earnings and any news from global markets, especially from the US, will continue to decide market direction, they said.

"The weekly moving averages are in a positive position, indicating a potential breakout above 25200... our bias remains bullish, and any declines should be viewed as opportunities to add stock-specific long positions," Kshitija Salvi, technical analyst at IDBI Capital Markets & Securities, said. Ahead of the monthly expiry of Nifty 50 derivatives on Thursday, Salvi expects the Nifty 50 to move in a range of 24500 and 25500 points.

Rupak De, senior technical analyst at LKP Securities, was also positive on the near-term prospects of the market. "The short-term trend remains positive, with momentum likely to strengthen above 25000. A decisive breakout above this level could give the bulls an upper hand and potentially trigger a rally towards 25250–25350," De said in a note.

The Nifty 50 closed at 24853.15 points Friday, up 243.45 points or 1%, with only two stocks ending lower. The BSE Sensex closed 769.09 points or 1% higher at 81721.08 points. For Monday, analysts pegged the support for the 50-stock index at 24500-24450 points and the resistance at 25000 points.

The divergence of global and domestic bond yields in recent times is favourable for Indian equities, and they could outperform their global peers, Anand Rathi Institutional Equities said in a strategy report. "Rising bond yields abroad exert pressure on global equity valuations, while falling yields in India support the outlook for Indian stocks and lower corporate borrowing costs," the brokerage said. The benchmark yields in the US have risen on a weekly basis for four straight weeks, rising 29 basis points. Indian benchmark yields, on the other hand, have fallen in three of the past four weeks, down 11 basis points.

On the earnings front, shares of JSW Steel may fall Monday after its March quarter bottom line fell short of the Street's view. The bottom line for the quarter rose nearly 16% on year, while the top line fell 3%. NTPC will detail its March quarter results Saturday. The public-sector enterprise's bottom line for the March quarter is seen falling slightly as some analysts are worried about lower realisations. No Nifty 50 company is scheduled to report its quarterly earnings Monday. Aurobindo Pharma, Fertilizers and Chemicals Travancore, and Sundaram Finance are due to report their results on the day.  End

Edited by Rajeev Pai

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