The NSE Nifty 50 finds resistance at 24,400–24,450 range after snapping its two-day losing streak on Tuesday, according to Aakash Shah, technical research analyst, Choice Broking. He identified the support zone at 24,100–24,150 levels.
"Technically, the 24,100–24,150 zone is expected to act as immediate support, while resistance is placed near the 24,400–24,450 range, which represents a near-term supply zone after the recent rebound," Shah said.
The recovery indicates a short-term pullback following the sharp correction seen in the previous sessions, according to the analyst.
The index formed a doji candle with a long lower shadow, highlighting buying demand at lower levels for second session in a row around the 100 days extended-moving average, according to Bajaj Broking's market research. "It has formed a higher high and a higher low in the daily chart and has closed part of the previous session gap," the brokerage said.
Going ahead, the index is likely to consolidate and form a base in the range of 24,500-23,700, according to Bajaj Broking.
Bank Nifty
The Bank Nifty finds immediate resistance at 57,200–57,300 levels, according to Shah. The analyst identified 56,600–56,700 levels as the support area.
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"Momentum indicators remain mixed, suggesting the possibility of consolidation before the next directional move," Shah said.
The index formed a bullish candle with a higher high and a higher low, signaling pullback after a sharp decline of the last two sessions, according to Bajaj Broking. Volatility is likely to remain elevated amid uncertain global cues, rising crude price and escalating geopolitical tensions, the brokerage said. "Going ahead index is likely to consolidate and form a base in the range of 55,500-57,700," Bajaj Broking stated.
Market Recap
Indian equity benchmarks snapped a two-day losing streak on Tuesday as crude oil prices retreated sharply from the previous session's highs, easing concerns over inflation and input costs for businesses. The Nifty 50 rose 0.97% to settle at 24,261.60, while the Sensex ended 0.82% higher at 78,206. Both indices traded higher through the session. The Nifty climbed as much as 1.05% intraday to 24,280.80, while the Sensex rose up to 1.04% to 78,375.33 before paring some gains toward the close.
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