The Nifty closed at 25,144 following a recovery of over 10% from previous support zones, while the Bank Nifty surged above 61,000. Ganesh Dongre of Anand Rathi projects potential upside toward 25,600 for the Nifty and 62,000 for the banking index if current floors hold. However, with the India VIX hovering near 16 and charts indicating overbought territory, Dongre advises traders that a buy-on-dips strategy remains ideal amidst likely profit-booking.
Key points
The broader market maintains an upward bias provided the Nifty index successfully defends…: The broader market maintains an upward bias provided the Nifty index successfully defends the crucial 25,000 level.
Elevated market volatility persists with the India VIX remaining near 16 despite optimism…: Elevated market volatility persists with the India VIX remaining near 16 despite optimism surrounding U.S. election outcomes.
Approaching resistance levels and overbought weekly charts favor utilizing a buy-on-dips…: Approaching resistance levels and overbought weekly charts favor utilizing a buy-on-dips approach during temporary market pullbacks.
Sources checked by our analysis pipeline: 1
Stocks to buy | Shares to buy | Ganesh Dongre's stock recommendations: The key benchmark indices of the Indian stock market ended the week on a strong positive note, with the Nifty gaining nearly 0.45% to close at 25,144, while the Bank Nifty witnessed a sharp rally of 3.30%, settling at 61,034. Meanwhile, Brent crude oil prices declined towards $95 per barrel, providing significant relief to global markets. Sectoral performance remained broadly positive, with most major sectors gaining between 1% and 5%. Banking and chemicals emerged as the top-performing sectors, rallying nearly 4% during the week.
Over the previous two weeks, the Nifty had witnessed a sharp recovery of more than 10%, supported by strong buying interest at lower levels. The index rebounded from the 22,200–22,500 support zone, recovered towards its 200-day moving average and subsequently moved above the crucial psychological mark of 25,000. The recovery gained further momentum as the Nifty surpassed its previous monthly high of 24,700 and approached its February 2026 high, indicating a significant improvement in market sentiment.
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Domestic equities pulled back after higher-than-expected retail inflation stoked fears of policy tightening by the central bank. To navigate this volatility, Motilal Oswal Financial Services analyst Chandan Taparia has highlighted specific trading opportunities with defined risk levels. These selections focus on exchange platforms and telecom resilience as broader technical indicators face consolidation.
Strong consumer appetite for protection coverage, annuity plans, and non-participating savings products is steering domestic underwriters toward more reliable, margin-accretive business models. This strategic departure from market-linked offerings is bolstering profitability across the industry despite emerging operational friction. Moving forward, sustaining this upward trajectory will depend heavily on distribution capacity and forthcoming regulatory guidance.