Indian equity benchmarks sustained their strong upward momentum for the fourth consecutive trading session, driven by persistent buying across heavyweight counters. The headline Nifty 50 index staged a sharp turnaround from its October 29 lows, surging more than 1,300 points over the period. After slipping below the 22,500 mark just days earlier, the index has mounted an impressive recovery and is now closing in on reclaiming the key 24,000 threshold.
Heavyweights Lead the Charge: Reliance and Banking Rallies
Sectoral heavyweights have played a pivotal role in engineering this market rebound. On Monday, shares of Reliance Industries provided vital support to keep the broader market afloat, while Tuesday witnessed robust accumulation in marquee banking stocks. Reliance Industries continues to remain firmly on investor radars after featuring among the most actively traded stocks across both sessions. Furthermore, margin trading facility (MTF) positions in the stock have climbed by 60% since October 30, underscoring aggressive speculative interest.
Technical Thresholds and Key Global Triggers
From a technical standpoint, the 24,000 level represents the next critical milestone for the Nifty. Analysts note that maintaining levels above 23,500 will remain essential to preserve this bullish undertone and sustain upward momentum. On the macro front, market direction will be shaped by upcoming global catalysts. Investors are closely tracking the results of the US midterm elections. Meanwhile, any diplomatic progress toward ending the conflict between the US and Iran could set a fresh tone for global risk assets, even as crude oil prices trading below 105 dollars per barrel continue to lend support.
