Nifty Tops 24,500 As Strong GDP Data Lifts Market Sentiment Midcaps, Smallcaps Shine

Indian equity markets opened on a strong note, with the Nifty index trading above 24,500, as investors celebrated the robust Q1 GDP print of 7.8%, a five-quarter high.

At 09:40 a.m. IST, the Nifty 50 traded 115 points higher at 24,542, while the Sensex was up 395 points at 80,205. Broader markets outperformed, with the Nifty Midcap and Smallcap indices trading nearly 1% higher.

However, the retail sentiment on Stocktwits for Nifty remained 'bearish' at market open. 

Stock Watch

Sectorally, barring FMCG, all sectors traded in the green, with IT, consumer durables, and PSU banks seeing strong buying action.

Torrent Power gained 3% on securing a Letter of Award from MP Power Management Company to supply power from a new 1,600 MW coal-based plant. 

NCC rose 3% after the company won two water division orders worth ₹788.34 crore in August.

Zydus Wellness surged 4% on news that its subsidiary Alidac UK will acquire a controlling stake across multiple share classes of UK-based Comfort Click.

Stock Calls

Analyst Vinayak Gautam shared three stock recommendations with a one-week timeframe. 

Zydus Wellness: Buy at ₹2,018, with a target price of ₹2,075, and a stop loss at ₹2,000.

Tech Mahindra: Buy at ₹1,481, with a target price of ₹1,540, and stop loss at ₹1,460.

Torrent Power: Buy at ₹1,227, with a target price of ₹1,260, and stop loss at ₹1,215.

Analyst Palak Jain flagged Lotus Eye Hospital for a one-week timeframe as its resistance breakout above the long-term range signals strong bullish momentum. Additionally, good volumes on the breakout validate aggressive buying and participation. The Relative Strength Index (RSI) shows a sharp rise, confirming strength and further upside potential.

Markets: The Road Ahead

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Analyst Sameer Pande sees support at 24,350, with 24,720 and 24,900 as resistance on rebound.

Financial Independence pegged Nifty support at 24,200 and 24,000 with resistance at 24,675 and 24,800. For Bank Nifty, they see support at 53,300 and 53,000 with resistance at 54,000 and 54,300.

Global Cues

Globally, Asian markets traded mixed, while crude oil prices declined following a monthly drop in August.

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