The NSE Nifty 50 index finds resistance at 23,500–23,550 levels after ending higher after a rebound, snapping a three-day losing streak, according to Sudeep Shah, head of Technical and Derivatives Research at SBI Securities.
"Going ahead, the 23,500–23,550 zone is expected to act as an immediate hurdle for the index. A sustained move above 23,550 could extend the pullback rally towards the 23,700 level. On the downside, 23,300–23,250 remains a key support zone," Shah said.
The Nifty index formed a bullish candle with shadows in either direction, signalling pullback from the oversold territory after testing the psychological 23,000 levels earlier during the session, according to Bajaj Broking's market research.
"Volatility is also expected to remain elevated due to uncertain global cues, rising crude oil prices, and increasing geopolitical tensions, which will keep traders cautious in the near term," the brokerage said.
Bank Nifty
The Bank Nifty index will see the 54,900–55,000 zone as key resistance levels after the index staged a rebound after hitting an intraday low of 53,258 as per Shah.
"Going ahead, the 54,900–55,000 zone will act as a key hurdle for the index. A sustained move above 55,000 could extend the pullback rally towards the 55,500 level. On the downside, 54,000–53,900 is expected to serve as a crucial support zone," the analyst said.
The Bank Nifty Index has formed a bullish candle with shadows in either direction, signalling pullback from the oversold territory after testing the previous major lows of September 2025, according to Bajaj Broking.
"Volatility is expected to remain elevated in the near term amid uncertain global cues and rising geopolitical tensions, which continue to weigh on overall market sentiment," the brokerage said.
Market Recap
Indian equity benchmarks ended higher after a post-lunch rebound, snapping a three-day losing run. The gains in the benchmark indices were led by HDFC Bank and M&M. The BSE Sensex rebounded 1,500 points from the day's low and closed up 1%, or 700 points, above 75,300. The NSE Nifty 50 ended 0.9% higher above 23,340.
Oil prices remained elevated, with WTI crude up 1% at $100.06 a barrel and Brent crude higher by 2.2% at $105.37.
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