- NSE Nifty 50 likely to open higher on positive global cues and US-Iran talks progress
- Nifty 50 closed 0.04% higher at 24,624.65 after RBI kept repo rate unchanged at 5.25%
- Nifty immediate support is 24,400-24,500, resistance at 24,775 and 24,800 levels
The NSE Nifty 50 is likely to commence trade in the green on Thursday, after positive global cues from global markets following the US Treasury Secretary Scott Bessent's announcement that Washington made headway in negotiations with Iran and Oman to permit more ships to cross the vital Strait of Hormuz.
The GIFT Nifty futures saw a 0.08% uptick to 24,654.50 levels, at 10:17 p.m. on Wednesday.
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Indian equity benchmarks pared their opening gains on Wednesday to end with minor gains after the Reserve Bank of India's Monetary Policy Committee unanimously voted to keep the repo rate unchanged at 5.25%, as policymakers assessed risks from volatile energy prices and the Middle East conflict.
The Nifty 50 closed 9.75 points, or 0.04%, higher at 24,624.65. The Sensex gained 152.05 points, or 0.19%, to settle at 78,581.
According to Dhupesh Dhameja, derivatives research analyst, SAMCO Securities, 24,775 is the first major resistance level, while identifying 24,400-24,500 as the immediate support zone. The analyst recommended a "buy-on-dips" approach to traders.
"As long as Nifty sustains above the 24,400-24,500 support band, the broader trend continues to favour a buy-on-dips approach," Dhameja said.
The near-term trend of Nifty remains positive, with any upside from there seeing overhead resistance around 24,800 levels, according to Nagraj Shetti, technical research analyst at HDFC Securities.
"However, further weakness from here could find support around 24,400-24,300 levels for a bounce back," he said.
Bank Nifty Outlook
The Bank Nifty index sees 57,700-57,500 levels as the immediate support zone, while 58,000-58,250 will be the key hurdle, as per Dhameja.
As long as the index continues to hold above the support zone and its 20-DEMA, the broader bias is likely to remain positive, according to the analyst.
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"A decisive breakout above 58,250 could strengthen bullish momentum and pave the way for a fresh upmove, whereas a breach below 57,500 may trigger profit booking and weaken the near-term technical structure," he said.
On the downside, the immediate support for Bank Nifty is placed in the 57,400-57,300 zone, according to analyst Sudeep Shah, head of Technical and Derivatives Research at SBI Securities.
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