Nifty futures closed positive at 15,871 levels with a gain of 0.24%. Among specific stocks, ZEEL, MGL, Asian Paints NSE 3.13%, Ramco Cement, SRF, Marico, Cummins India NSE 2.01%, Berger Paints, Godrej Consumer NSE 1.42%, Axis Bank, ICICI Bank NSE 1.60% saw trade setup bullish Gone. , Dabur Britannia, HUL, and Infosys but weak in Tata Power NSE -1.01%, REC, Vedanta, BEL, Lupine, and Siemens.
Nifty opened with a gap on Tuesday and made a new lifetime high at 15,901 levels. It moved in a range throughout the day, as the bulls were holding firm and the index closed with a gain of around 55 points. Technically, the index formed a Doji candle on the daily scale as it closed near its opening mark. Now, it needs to hold above the 15,800 level to move towards the 16,000 and 16,200 levels, while the support on the downside has extended to the 15,750 and 15,600 levels.
India VIX fell 0.78% to 14.60 from 14.71. The fear gauge has been falling gradually over the past six weeks and has come down to the levels last seen in February 2020. Low volatility indicates a bullish market bias and suggests that every short drop in this market can be bought.
Bank Nifty opened with a gap and outperformed Nifty after a long period of the session. It took support in the 34,900-35,000 area before closing higher by around 300 points and traded range-bound for the majority of the session. This formed a bullish candle on the daily scale and higher lows on the shorter time frame charts. Now it needs to stay above the 35,250 level to move towards the 35,500 and 35,750 levels, while on the downside support is present at the 35,000 and 34,750 levels.
Japanese shares closed higher on Tuesday, buoyed by technology and growth-oriented stocks after a strong end on the Nasdaq overnight, while drugmakers extended their gains.
The Nikkei jumped 0.96 percent to 29,441.30 since the end of May, while the broader Topix rose 0.8 percent to 1,975.48, closing its highest level since early April.
Improvements in global trade and hopes of an economic reopening at home dampened market sentiment, while investors await a two-day policy meeting of the US Federal Reserve due to begin later in the day.