Indian equity markets are expected to remain range-bound with a positive bias on Monday as traders assess key technical levels while keeping an eye on global cues, including developments in US–Iran negotiations, crude oil prices and signals from the US Federal Reserve.
According to market experts, the Nifty 50 continues to exhibit a constructive technical setup after reclaiming the 24,200 level. However, profit booking at higher levels suggests that the index needs to decisively cross 24,400 to extend its rally.
Ponmudi R, CEO of Enrich Money, said the benchmark index remains in recovery mode but faces immediate resistance around the 24,400 mark.
"Nifty 50 continues to maintain a constructive technical structure after extending its recovery above the 24,200 level. However, the index witnessed mild profit booking near higher levels, suggesting that the 24,400 region remains the immediate resistance," he said.
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According to him, a sustained breakout above 24,400 could strengthen bullish momentum and open the door for an advance towards the 24,500–24,600 zone. On the downside, 24,200 is expected to act as the first line of support, followed by the psychologically important 24,000 level.
"Holding above these levels will be essential to preserve the prevailing recovery structure. Overall, the near-term technical outlook remains cautiously positive, with a sustained move above 24,400 required to confirm the continuation of the broader uptrend," Ponmudi added.
Bank Nifty
For the banking index, Amol Athawale, Vice President of Technical Research at Kotak Securities, expects the uptrend to remain intact as long as Bank Nifty holds above 57,500.
"The higher bottom support is placed near 57,500. Above this level, positive momentum could continue towards 58,700–59,000. Conversely, a fall below 57,500 could weaken the uptrend. Below this level, traders may prefer to exit their long positions," he said.
Market Recap
Indian equity benchmarks extended gains for the third consecutive trading session. The NSE Nifty 50 rose as much as 0.8% to 24,378.15, while the BSE Sensex rose as much as 0.85% or 655 points to 78,127.52. The rally was primarily led by the surge in texh shares.
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