Nifty aims to sustain breakout above 24,000 on monthly expiry

The bulls head into the NSE monthly expiry session today on an optimistic note. The index has managed to breakout from its congestion zone. Not only did it close above 24,000 on Monday, but also at the day's high. Same is the case with the Nifty Bank as heavyweight banks led the charge on Monday. A further fall in oil prices this morning could further boost sentiments. Of course, everything hinges on progress made by the US and Iran in their negotiations. US futures have resumed trading after Monday's holiday on a positive note. Their 10-year bond yield is back below 4.5%, which should bode well as well. A fall in bond yields aided PSU Banks in India on Monday. For the Nifty, 24,250 is the next hurdle, followed by 24,350 and then the April 21 swing high of 24,601. Chartists tracking the Nifty Bank expect the index to test levels of 57,500 on the upside, provided 54,000 is protected on a closing basis. For the Nifty, that level is 23,800. Watch for stocks like OMCs, Suzlon, RVNL, Aditya Birla Fashion, Hitachi Energy, IRCTC among others. Watch this space for all the LIVE stock market updates.