The Indian stock market wrapped up the week on a strong note, with the Nifty 50 index extending its gaining streak for the third straight trading session on Friday. The benchmark index climbed 66 points to settle at 24,383, driven by positive momentum across multiple sectors. Opening higher with a 44-point gain, the index touched an intraday peak of 24,429 during the morning trade. Although late-session profit booking trimmed some of the gains, the market closed in the green for the fourth time out of five sessions last week, registering a strong weekly surge of 2.59 percent. Market participation remained robust as midcaps and smallcaps also joined the rally, with the Nifty Midcap 100 and Smallcap 100 indices posting 0.44 percent gains each.
Sectoral Performance and Top Gainers on the Street
Market breadth favored the bulls, with major sectoral indices closing higher, led by stellar performances in the media, auto, and financial services sectors. Heavyweights like Bajaj Finance, Bajaj Finserv, and Jio Financial Services emerged as the top gainers among the Nifty 50 pack. Conversely, profit booking weighed on select counters, with TCS, Eternal, and Infosys finishing as the top losers, while the IT, FMCG, and consumer durables indices closed with minor cuts. Meanwhile, broader financial liquidity received a boost as banks raised $36.7 billion through FCNR(B) deposits between June 8 and July 31 under the RBI’s temporary swap facility, driven by attractive rates for NRIs, which is expected to lend further stability to domestic market liquidity.
Expert Technical Outlook and Key Levels for Monday’s Trade
Market analysts maintain a cautiously optimistic view as the upcoming trading session on August 3 kicks off. According to Nagaraj Shetti of HDFC Securities, the underlying trend remains strong, noting that if Nifty sustains above the crucial 24,400 mark, it could potentially rally toward the 24,600-24,700 zone, with immediate support pegged at 24,200. Nandish Shah points out that the index has successfully reclaimed its 200-day DEMA and key swing-high resistance, signaling near-term bullishness with resistance expected near 24,530 and support at 24,100. Rupak De of LKP Securities highlights that Nifty is comfortably trading above its 50-day EMA on daily charts, keeping the broader bias positive as long as it holds above 24,200, while Hitesh Rathi of Angel One believes a decisive breakout past 24,550-24,600 is essential to confirm a strong trend reversal toward higher targets. Traders will also keep a close watch on upcoming macroeconomic triggers, including the RBI’s monetary policy decision, domestic manufacturing and services PMI data, global crude oil price fluctuations, and ongoing geopolitical developments in West Asia.