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America-Iran agreement created a storm in the stock market… Sensex jumped 1200 points, Nifty crossed 23,950.
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America-Iran agreement created a storm in the stock market… Sensex jumped 1200 points, Nifty crossed 23,950.

On the first trading day of the week, greenery is being seen all around in the Indian stock market. A major international decision of US President Donald Trump has made the domestic stock market surge. As soon as the market opened on Monday, the Bombay Stock Exchange (BSE) Sensex opened with a huge gain of about 1200 points. At the same time, Nifty of National Stock Exchange (NSE) also did not lag behind, recording a strong jump of about 1.53 percent or 361 points, which pushed it past the 23,950 level.

Agreement reached between America and Iran

Behind this historic rise in the Indian stock market is a significant global development that emerged on Sunday. US President Donald Trump announced that a peace agreement with Iran has reached its final form. This statement has raised new hopes for security in international markets.

This news of an end to long-running geopolitical tensions has greatly strengthened investor confidence around the world. The direct effect was visible at the opening of the Indian stock market on Monday morning, where buying was seen across the board.

Which stocks are in movement?

Among the top gainers in today’s trading, Shriram Finance, InterGlobe Aviation (IndiGo), Bajaj Finance, L&T and TMPV are leading the way. However, even in this bullish market, shares of companies like ONGC, Cipla and Apollo Hospitals are registering declines.

Signs of further bullishness in the market

According to Akash Shah, Technical Research Analyst of Choice Equity Broking, the bullish signals in the Indian stock market are quite strong from a technical perspective. The RSI (Relative Strength Index) has increased to 51.25 and a ‘bullish crossover’ is visible.

This indicates that after several days of sluggishness, new buying momentum is returning to the market. The MACD is also very close to a positive crossover, while the ‘negative histogram bars’ showing selling pressure are continuously getting smaller, suggesting that the impact of recession on the market is now decreasing.

Important levels for Nifty support and resistance

According to Akash Shah, certain levels will be crucial in determining the way forward for Nifty. The first resistance level for Nifty is at 23,800, followed by the critical range of 24,000 to 24,200. If Nifty manages to stay above this level, a new phase of bullishness could begin in the market.

If there is any market decline, immediate support on the downside will come at 23,500. Below that, a very strong support zone remains around 23,300.

Rupee strengthened against dollar

Along with the stock market, the Indian currency has also strengthened. On Monday, the rupee opened with gains at 94.68 against the US dollar, compared to 95.11 on Friday’s close.

Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsha advises its readers and viewers to consult their financial advisors before taking any money-related decisions.