- Nifty 50 closed flat, up 11.35 points at 24,636 after a subdued trading session
- Index remained range-bound with no clear dominance between buyers and sellers
- Support lies at 24,400-24,450, resistance at 24,750-24,800 for next trading session
The Nifty 50 ended Thursday's session on a flat note, gaining just 11.35 points, or 0.05%, to close at 24,636 after a subdued day of trading. The benchmark index remained range-bound throughout the session, reflecting indecision among market participants even as the broader technical structure stayed positive.
According to Sachin Gupta, Vice President – Technical Research at Choice Equity Broking, the benchmark continues to maintain a constructive setup despite the lacklustre price action.
"Intraday price action remained confined within a tight consolidation band, with neither buyers nor sellers establishing clear dominance. Despite the muted session, Nifty continued to hold above its key moving averages on the daily chart, indicating that the broader bullish structure remains intact," Gupta said.
He expects the 24,400-24,450 zone to provide immediate support, while 24,750-24,800 remains the key hurdle for the index. "A sustained move above resistance could trigger fresh buying momentum, whereas a break below support may invite short-term profit booking. The expected trading range for the next session is 24,400-24,800," he added.
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Nandish Shah, Deputy Vice President at HDFC Securities, highlighted the narrowing trading range in recent sessions, suggesting the market may be preparing for a decisive move. "Nifty's volatility has contracted over the past three trading sessions, with the index forming lower highs and higher lows on a daily basis," Shah said.
The formation of lower highs and higher lows indicates that the index is consolidating after its recent rally, with traders awaiting fresh triggers before taking directional bets.
Bank Nifty Outlook
Bank Nifty ended Thursday's session on a positive note, gaining 0.56% and closing above the 58,000 mark after trading in a narrow 362-point range. According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the index remains firmly above its key short-term and long-term moving averages, signalling that the broader uptrend is intact.
He expects the 58,500-58,600 zone to emerge as the immediate hurdle for the banking index.
"A decisive move above 58,600 could trigger a fresh upswing, paving the way for a rally towards 59,100, followed by 59,600 in the short term," he added. On the downside, Shah identified the 57,600-57,500 zone, which coincides with the 290-day exponential moving average (EMA), as a key support area.
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