The Sensex and Nifty opened higher on Monday. Gains came from optimism after the GST Council’s major tax cuts and weak U.S. labor data, which increased hopes of a Federal Reserve rate cut.
The S&P BSE Sensex rose 160.81 points (0.20%) at the open to 80,871.57. The NSE Nifty 50 gained 49.95 points (0.20%) to 24,790.95. By 9:35 AM, the Sensex was up 253 points (0.31%) at 80,964, while the Nifty climbed 83 points (0.34%) to 24,824.
Last week, the Sensex rose 1.1% and the Nifty gained 1.3%. The GST Council’s tax cuts on essential goods boosted market sentiment.
Uncertainty in U.S.-India trade relations still worries investors. President Trump recently said that ties remain “special” and that “there is nothing to worry.” But his comments on new sanctions against Russia and criticism from Peter Navarro toward India are negative for markets. Rumors of restrictions on India’s IT exports also create concern.
Markets received a short-term boost from GST reforms, but much of it was already priced in. After September 22, when new GST rates begin, demand could rise sharply, especially for automobiles and consumer durables. This may improve market sentiment further.
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Nifty Support: 24,600 – 24,280
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Nifty Resistance: 25,000 – 25,500
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Nifty Bias: Sideways to Bullish
Bank Nifty closed flat on Friday at 54,114.55. It recovered nearly 390 points from the day’s low, showing strength above 54,000.
If selling pressure returns and Bank Nifty falls below 53,550, it may drop to 53,000 and 52,500. On the upside, resistance is at 54,550. A breakout above this level could attract buying, with targets at 55,000 and 55,300.
The RSI is around 37.92 and moving sideways, showing indecision. Bank Nifty is trading below the 20-day and 50-day EMAs, which signals bearish pressure.
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Bank Nifty Support: 53,550 – 52,500
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Bank Nifty Resistance: 54,550 – 55,000
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Bank Nifty Bias: Sideways to Bullish
