Dalal Street bulls will expect the market to break the immediate resistance levels to scale fresh highs, as the truce between the United States and Iran has lifted traders' sentiments.
The NSE Nifty 50 index finds immediate resistance in the 24,150-24,200 zone, according to Sudeep Shah, head of technical and derivative research at SBI Securities. The index posted its best closing in close to a year on Wednesday.
"Any sustainable move above this zone could result in Nifty extending its pullback towards 24,400, followed by 24,600 in the short term. On the downside, the zone of 23,850-23,800 is likely to act as an immediate support," Shah said.
The index witnessed a strong rally supported by firm global cues and closed around the 24,000 level.
"It (Nifty 50 index) has formed a fourth consecutive bullish candle with a higher high and a higher low and a bullish gap below its base between 23,153-23,828, signaling continuation of the pullback for the fourth session in a row," Bajaj Broking Research said in a note.
"Going ahead, sustaining above the 20-day extended moving average and Wednesday's bullish gap area will keep bias positive, and extend the current upmove towards 24,300 and 24,700 levels in the coming sessions," the brokerage added.
Bank Nifty
The Bank Nifty Index finds immediate resistance in the 56,200-56,300 zone, according to Shah.
"Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 56,700, followed by 57,000 in the short term. On the downside, the 55200-55,100 zone is likely to act as an immediate support," the analyst said.
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Bank Nifty formed a strong bullish candlestick pattern with a higher high and a higher low and a bullish gap below its base between 52,778-54797, signaling continuation of the pullback for the fourth session in a row, as per Bajaj Broking.
"Short-term support is revised higher towards 51,000-51,500 zone, being the current week's low and 80% retracement of the last four sessions' pullback," the brokerage said.
Market Recap
Indian equity benchmarks posted their best closing since May 2025 on Wednesday, as a temporary ceasefire between the United States and Iran eased market anxiety. The Reserve Bank of India's decision to keep repo rates steady pulled up bank, auto and realty stocks.
The Nifty 50 settled 873.7 points or 3.78% higher at 23,997.35. The BSE Sensex added over 2,900 points (3.95%) to close at 77,562.9. HDFC Bank, ICICI Bank and Larsen & Toubro were the top points contributors to the Nifty.
The broader markets matched the performance of the blue-chip gauges. The Nifty Smallcap 250 and Nifty Midcap 150 settled nearly 4% higher. On the BSE, over 3,700 stocks ended higher and 534 declined.
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