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Zee Business Managing Editor Anil Singhvi expects the Nifty to maintain its upward momentum and possibly close above the crucial 26,000 mark on Thursday’s monthly expiry session.

According to Singhvi, the highest open interest of 1.55 crore contracts has been recorded at the 26,000 strike put in the current monthly expiry series — a sign of strong support. “Nifty has a strong base between 25,875 and 25,975, and the probability of closing near or above 26,000 is high,” he said.

He added that a move above 26,125 could trigger short covering and fresh buying, pushing the next targets towards 26,200–26,275 levels.

Singhvi noted that while the market started on a strong note, the momentum was not as sharp as indicated by GIFT Nifty cues. “Both Nifty and Bank Nifty are trading near major resistance zones. Some profit booking near 26,000 on Nifty and 58,500 on Bank Nifty is natural,” he said. Investors and domestic institutions who accumulated stocks from the 24,500 level may look to book partial profits. “However, the short covering by FIIs above 26,000 is providing solid support, which is why the market opened with a gap and is trading within a limited range,” Singhvi explained.

Banking and NBFC stocks remain the strongest segment in the market, according to Singhvi. He expects the uptrend to continue, with a solid support zone for Bank Nifty between 57,875 and 58,050. “A move above 58,600 will extend the rally further. There’s little risk of major weakness in Bank Nifty till monthly expiry,” Singhvi said, adding that call writers between the 57,000–58,000 range are likely trapped.

Singhvi believes a close above 25,950 on Nifty and 58,250 on Bank Nifty will strengthen the bullish momentum. “Only if Nifty closes below 25,775 or Bank Nifty below 57,700, weakness may be considered,” he added.

Abhay Shukla is a Senior Sub-Editor at Zee Business, where he covers the stock markets, corporate news, personal finance, technology, and auto sectors.

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