The NSE Nifty 50 may rally towards 24,300–24,500 levels if the key resistance zone of 24,140–24,150 is breached, analysts said on Wednessday, after the Indian markets ended in the green recovering from sharp losses.
Global cues turned positive following the close of market hours, with Wall Street opening in the green on tech stock recovery and retreating oil prices. S&P 500 opened 0.48% higher at 7,401.10, tech-heavy Nasdaq Composite rose 0.57% at open to 25,746.36, and Dow Jones Industrial Average added nearly 50 points and opened 0.08% higher at 51,703.37.
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The GIFT Nifty indicated a positive start for Thursday, with futures trading with an uptick of 0.21% at 24,073.50
as of 10:17 p.m.
The Nifty sees immediate support in the 24,0000 area, followed by 23,800–23,550, according to Dhupesh Dhameja, derivatives research analyst at SAMCO Securities.
The analyst stated that the sharp recovery has improved near-term sentiment, but Nifty still faces a crucial test near the 100-DEMA (Double Exponential Moving Average) at 24,140–24,150.
"A breakout above this zone could strengthen bullish momentum, while failure to do so may keep the index range-bound in the near term." Dhameja said.
According to Nagaraj Shetti, senior technical research analyst at HDFC Securities, the Nifty could challenge its immediate resistance of around 24,150-24,200 levels and is likely to advance towards 24,500-24,600 levels in the near-term.
Shetti identifed immediate support at 23,800.
"Technically, this market action indicates an excellent comeback of bulls after one session of correction. This is a positive indication," the analyst said.
Bank Nifty
As long as the Nifty Bank index sustains above 58,000–57,500, the index may continue its upward trajectory towards 58,600–58,800, as per Dhupesh Dhameja.
The analyst stated that a decisive breakout above this zone could open the door for a move towards the psychological 60,000 mark in the coming sessions.
"Going ahead bias remain positive and index to gradually head towards 59,200 levels in the coming sessions being the measuring implication of the recent range breakout and the 138.2% external retracement of the previous decline 57,456-52,783," Bajaj Broking said.
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Market Recap
The benchmarks recovered most of the losses from Tuesday, when both indices fell 1.16%. Brent crude dropped below levels seen before the US-Iran war, easing concerns over oil-linked risks. The Nifty 50 rose 197.55 points, or 0.83%, to close at 24,021.65, while the Sensex gained 790.54 points, or 1.04%, to end at 76,991.22.
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