Nifty nears 25,000 as post-oil decline rally extends
In short
Nifty is trying to cross 25,000 after a strong rally from its 52-week low on 8 October. Nearly 9 of the 13 percentage points of gains came in the first week of November, after oil prices fell following Democrats’ win in the US midterm polls.
The market is now focused on today’s weekly expiry, with traders split on whether the index breaks out or stalls.
What the reporting says
Nifty’s push toward the 25,000 mark comes after nearly 9 of the 13 percentage-point gains from its 52-week low on 8 October were made in the first week of November. Traders are watching the weekly expiry today as bulls and bears position around the level.
Why it matters
Nifty has risen sharply from its 52-week low on 8 October, with most of the 13 percentage-point gain coming in the first week of November. The reported trigger was lower oil prices after Democrats won the US midterm polls. The market is now focused on the 25,000 level and today’s weekly expiry, where traders are weighing a breakout against resistance.