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Indian equity markets may have started their next upward leg towards the 29,000 level on the Nifty, according to Jai Bala, CMT at Cashthechaos.com, who said the recent gap-up move aligns with his Elliott Wave outlook.

“We’ve been pointing out for the last six weeks that the markets are likely to hit to the August low of 24,400 and then recover from there for a resurgence to 29,000 on the Nifty,” Bala said.

He added that the day’s gap-up move was expected from a technical standpoint. “So the markets gap up today is not a surprise at all from Elliot Wave perspective,” he said, noting that “the low of 24,571 which is very close to 24,400 might have got a truncated move.”

“So I think the next leg of the move for 29,000 might have already begun,” Bala said, while cautioning against drawing conclusions immediately. “I don’t want to come to a conclusion on emotional markets and such huge gap ups are classic emotional markets,” he said.

An overview of market at close:

Infrastructure stocks have corrected sharply due to working capital pressures rather than weak order books, according to Sanjay Parekh, Founder and CIO of Sohum Asset Managers Pvt Ltd, who pointed to delayed payments as a key overhang for the sector.

“Some of the infra stocks have moved down dramatically,” Parekh said, adding that market concerns around working capital are “very, very valid.”

He said the core issue lies in cash flow delays rather than demand visibility. “So the problem is not order book. Problem is getting the money back on time,” Parekh noted, citing delayed payments by some state governments as a longstanding challenge for the sector that has led to significant de-rating.

While the Centre has generally remained prompt in payments, Parekh said improvement in working capital conditions across states is crucial for a recovery. “The working capital situation for all of these have to get better,” he said, adding that any re-rating of infra stocks is likely to be gradual.

Nifty ended at 25,727, gaining 639 points over the day’s opening.

More Here

– Third straight day of losses– Reacting to Q3 results, CNBC-TV18 newsbreak– (RD) 11% in the last three sessions– Volumes are the highest since June 2024– 1.23 crore shares traded Vs 20-day average of 10 lakh– Below all key moving averages– Market capitalization has slipped below ₹70,000 crore

– Third straight day of losses– Reacting to Q4 results– Has declined in 10 out of last 12 sessions– Today’s volumes are the highest in nearly four months– 2.44 crore shares traded Vs 20-day average of 37 lakh– Slips below all key moving averages– Stock (RD) 24% from 52-week high of ₹591

– Third straight day of losses– (RD) 12% in the last three sessions– Volumes over the last three sessions highest since November– 12.7 lakh shares traded Vs 20-day average of 3 lakh– Remains below all key averages– Stock (RD) 36% from its 52-week high

Net Profit up 41.7% to ₹446.3 Cr

Revenue up 29.2% to ₹2,548.3 Cr 

EBITDA up 34.5% to ₹708 Cr 

Margin at 27.8% Vs 26.7%

The Nifty Bank Index is up over 2%.

15 out of the 15 Nifty Bank stocks are in green.

Here are some of the key dates that saw the index making major gains

The shares of PCBL Chemicals surged despite a decline in the company’s numbers in Q3 results.

The shares of Varun Beverages declined after the company reported its results.

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PG Electroplast, an EMS services provider situated in Greater Noida, has stuck to its ₹5,800 crore FY26 sales forecast. After a turbulent first half of the year, Vikas Gupta, Managing Director of PG Electroplast, is optimistic about a resurgence in demand.

The Nifty Midcap 100 index is up nearly 3%; these are the top 5 gainers of this index.

The shares of Adani Ports rose over 8% after results.

BEML Q3FY26 Estimates

According to former CBIC chairman Najib Shah, the AEO programme aims to give companies that provide a high level of security guarantees on their involvement in the supply chain concrete advantages in the form of quicker customs clearances and streamlined procedures.

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