Opening after a long weekend, equity benchmark indices traded higher on Monday. BSE Sensex traded at 74,225.44, higher by 574.09 points or 0.78 per cent as of 9.36 am, while Nifty 50 traded at 22,521.15, rose by 194.25 points or 0.87 per cent.

All sectoral indices traded in green. Nifty media rose 2.11 per cent to trade at 1,833.75. Indices of financial services, consumer durables, PSU Bank, realty, and metal stocks traded over 1 per cent.

Commenting on Nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “Thursday’s rejection trading from the vicinity of the record peak illustrates a strong unwillingness to chase prices higher. This however is not an outright signal for a collapse, but we would need to get above 22,350-22,410 to nurture hopes towards a 22,700-23,000 push. On the downside, we have ample supports near 22,200 as well as 22,050, which could ensure that we may not see a collapse per se. That said, the real risk is that of momentum staying away from either side, for at least this week.”

Meanwhile, Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt Ltd, said, “The support for the day is seen at the 22,200 level, while the resistance would be seen at 22,500.”

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “From a technical perspective, the market has formed higher lows on daily and intraday charts, and a long bullish candle on weekly charts which is largely positive. For trend-following traders, the 20-day Simple Moving Average (SMA) or 22,200/73,200 would be the decisive level. As long as the market trades above it, the bullish sentiment will remain intact. At higher levels, the index may find resistance near 205,30-22,550/74,250-74,300. Crossing the level of 22,550/74,300 could help the Nifty achieve the level of 23,000/76,000 in the near term with minor resistance at 22,650/74,750 and 22,850/75,300.”

The stocks that emerged as top gainers on the NSE as of 10.06 am were JSW Steel (higher by 4.37 per cent), Tata Steel (2.73%), Apollo Hospitals (2.72%), L&T (2.02%), and M&M (1.94%). Meanwhile, Titan (-0.84%), LTIMindtree (-0.21%), and Bharti Airtel were the laggards.

Stocks to watch

GM Breweries stock rallied 10.73 per cent to trade at ₹702.05 on the NSE as of 10.01 am.

Adani Ports and Special Economic Zone Ltd (APSEZ) has handled 420 MMT (+24% y-o-y) cargo in FY24 (including international ports), with domestic ports contributing over 408 MMT cargo. Shares rose 1.80 per cent to trade at ₹1,366 on the NSE. The stock has hit a 52-week high at ₹1,367.70.

Venus Remedies Ltd has been awarded ₹2.50 crore under the Production Linked Incentive (PLl) scheme, which covers balance 25% of the total incentive of ₹10.00 crore. The initial disbursement of ₹7.50 crore was awarded by the Central Government earlier this month. The shares rose 1.96 per cent on the NSE, trading at ₹332.25 as of 9.51 am.

NCC Ltd has received new orders worth ₹3,086 crore in March 2024. The stock rose 3.46 per cent to trade at ₹240.40 as of 9.53 am.

The agri machinery business division of Escorts Kubota in March 2024 has sold 8,587 tractors as against 10,305 tractors sold in March 2023. The stock inched up 0.60 per cent to trade at ₹2,794 on the NSE.

Jubilant Ingrevia Ltd has announced the commissioning of a new facility at its manufacturing site for Diketene derivatives at Gajraula, Uttar Pradesh. Shares rose 1.07 per cent to trade at ₹457.55 on the NSE as of 9.57 am.

Prestige Estate Projects stock surged 4.53 per cent on the NSE to trade at ₹1,222.95 after securing ₹2,001 crore deal with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF.