New Delhi, Mar 28 (IANS): Indian equities closed the day and fiscal year on an optimistic note as buying by retail, DIIs, and FIIs surged across categories, says Vinod Nair, Head of Research, Geojit Financial Services.

The mid and small-cap stocks have emerged as frontrunners, rebounding from the initial sell-off earlier in the month, he said.

An upgrade in the domestic economy forecast hints at an encouraging outlook for the stock market in FY25. However, the emphasis is on large-cap due to the persisting premium valuations of mid-cap stocks, which could pose a concern on the broad market in the short to medium term, he said.

Rupak De, Senior Technical Analyst, LKP Securities, said the Nifty has rallied significantly, surpassing the 22,500 mark after maintaining momentum beyond 22,100. Furthermore, there's a clear breakout in consolidation on the daily timeframe, signaling rising optimism.

“Nevertheless, the Nifty encountered initial resistance near its previous swing high of 22,526. Consequently, to sustain a continued rally, it must surpass the 22,525 level decisively. On the downside, 22,200 could serve as short-term support," he said.