- Indian equity indices extended gains on improving West Asia geopolitical cues
- Nifty's resistance lies at 24,080-24,100; support at 23,900-23,880
- A move above 24,100 could trigger rally to 24,250 and 24,400 levels
The Indian equity indices extended gains for another session on Tuesday, on the back of improving geo-political cues around the West Asia conflict. The benchmark Nifty index is expected to continue the up move going ahead.
"Indian equities are expected to maintain their gradual positive momentum, supported by improving geopolitical developments, a revival in foreign institutional participation and a further fall in crude oil prices," said Siddhartha Khemka, Head of Research and Wealth Management at Motilal Oswal Financial Services.
Accordingly, Nifty's immediate resistance lies between 24,080 and 24,100 levels; while on the flipside, the zone of 23,900-23,880 remains a crucial support area.
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"A sustained move above the 24100 mark could trigger fresh buying interest, paving the way for an upside rally towards 24250, followed by 24400 in the short term," said SBI Securities' Head of Technical and Derivatives Research Sudeep Shah.
On the other hand, if Nifty falls below the support levels, Shrikant Chouhan, Head Equity Research from Kotak Securities advises traders to exit their long positions.
Nifty Bank
The Nifty Bank index remained range-bound during Tuesday's session, though, it has been moving above its short and long-term moving averages.
"On daily scale, it has formed a small body candle with shadows on either side, which shows indecisiveness," Shah from SBI Securities pointed out.
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Going ahead, the zone of 57700-57800 is likely to act as an immediate hurdle for the index, while on the downside, the zone of 56800-56700 remains a crucial support area, and holding above this range will be essential to maintain the positive bias.
Market Recap
Benchmark indices extended gains for a third consecutive session amid F&O expiry-led activity. The NSE Nifty 50 rose 0.57% to close at 23,989.15, gaining 135.25 points. The BSE Sensex advanced 0.71% to 76,808.48, up 544.15 points.
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