The NSE Nifty 50 has found support at the 25,550–25,600 zone, according to Aakash Shah, technical research analyst at Choice Broking.
"From a technical perspective, immediate support for the Nifty is now placed around the 25,550–25,600 zone, which remains crucial for maintaining short-term stability," Shah said. "On the upside, a sustained move above the 25,850–25,900 band would be important to trigger stronger upside momentum and signal a broader recovery," he added.
The index extended Monday's bullish momentum with follow-through buying, closing decisively above its 21-day and 50-day extended moving averages while also filling the recent gap on the daily chart, according to Bajaj Broking. The analysts stated that this price action indicates improving short-term sentiment and a pickup in buying interest at lower levels.
"In the near term, the index is likely to trade within the 25,500–26,000 range, and it is currently positioned around the midpoint of this band, suggesting a balanced tug-of-war between buyers and sellers. A sustained move beyond either boundary could provide the next directional trigger," Bajaj Broking said.
The brokerage finds immediate support placed at 25,640, followed by 25,580, which may act as a cushion on minor pullbacks. On the upside, resistance is seen at 25,780, with the next hurdle at 25,840.
A decisive breakout above these levels could open room for further upside within the broader range, Bajaj Broking said.
Bank Nifty
The Bank Nifty traded with a positive bias and outperformed broader indices during the session, led by selective buying in private banking majors and steady institutional interest, according to Shah.
"Key support for the Bank Nifty is seen near the 60,850–60,950 zone, while the 61,400–61,500 region continues to act as an important resistance band," Shah stated.
A decisive close above this zone could open the door for further upside in the near term.
The index is currently trading above its key moving averages, reinforcing the strength of the prevailing momentum and suggesting that the upward trajectory may continue in the short term, according to Bajaj Broking analysts.
"Immediate resistance is placed at 61,500, followed by 61,800, where some profit booking may emerge. A decisive move above these levels could extend the ongoing uptrend. On the downside, support levels have shifted higher to 60,800, followed by 60,500, indicating that buyers are stepping in at elevated levels," Bajaj Broking said.
Market Recap
Indian equity benchmarks extended gains for the second consecutive trading session on Tuesday, led by the gains in Infosys and Larsen & Toubro Ltd.
The NSE Nifty closed 0.2% or 42 points higher at 25,725 and the BSE Sensex ended 173.81 points higher at 83,450.96. The broader markets index, represented by the NSE Nifty 500 Index underperformed benchmark indices, led by the fall in EIL's 5% fall, followed by Groww's 4% decline.
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