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Nifty 50 holds above 20-day support as oil and Iran tensions rise
India's IIP grew 7.3% year-on-year in June, while crude prices stayed above $90 per barrel and the Nifty 50 was tipped to target 24,400 to 24,500 if 24,100 holds.
India stocks gained ground as the Sensex and the Nifty 50 each jumped more than 1% on Wednesday, supported by strong industrial output data even as crude oil prices rose and tensions between the US and Iran escalated, LiveMint Markets reported.
The Index of Industrial Production grew 7.3% year-on-year in June, its six-month high. Crude oil was above $90 per barrel amid reports that US President Donald Trump vowed forceful retaliation after Iranian ballistic missiles targeted US forces in Jordan.
On the technical front, the Nifty 50 settled above the 20-day simple moving average resistance, with Amol Athawale, VP of technical research at Kotak Securities, citing 24,100 and 24,150 as crucial support zones. Athawale said the index could advance to 24,400 to 24,500, but if it falls below 24,100 the uptrend could become vulnerable.
Athawale also highlighted trade ideas including JSW Steel, saying its recent session showed a range breakout and that ₹ 1,230 could be a trend decider level, with a potential push toward ₹ 1,360 if it sustains. He added that Sun TV Network has formed a double bottom pattern and said bullishness is likely to continue as long as it trades above ₹ 498.
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