The NSE Nifty 50 index finds resistance at 24,850 levels after the stock market indices broke their four-day losing streak on Thursday, said Aakash Shah, technical research analyst at Choice Broking.
Going ahead, the zone of 24,550–24,530 levels will act as important support for the index, according to Sudeep Shah, head of technical and derivatives research at SBI Securities.
The index formed a bullish candlestick pattern, with shadows in either direction signaling pullback from an oversold territory after recent sharp decline, acccording to Bajaj Broking Research.
"Volatility is likely to remain elevated amid uncertain global cues and escalating geo-political tension," the brokerage stated.
Any sustained move above 24,950 will lead to extension of the pullback rally upto the 25,100 level, Sudeep Shah said. On the upside, the 24,920–24,950 zone will act as a stiff resistance, according the analyst.
"Overall we expect consolidation in the range of 24,300-25,200," Bajaj Broking Research said.
Bank Nifty
The Bank Nifty Index will seee 59,300–59,400 as the immediate resistance zone, while 58,700–58,800 remains the key support area according to Aakash Shah.
"On the daily chart, the index has formed a High Wave candle, a pattern characterised by long upper and lower shadows. This typically signals indecision and highlights a lack of clear directional conviction among market participants at current levels," Bajaj Broking said.
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The index rebounded from early session weakness and moved toward the 59,000 mark, indicating stability after the previous day's decline. Momentum indicators remain largely neutral, suggesting the possibility of consolidation before the next directional move, Aakash Shah said.
Market Recap
Indian equity benchmarks snapped a four-day losing streak, their longest in two months, with Sensex closing nearly 900 points higher near the 80,000 level and Nifty settling near 24,800, up 1.2%.
During the session, both indices spiked after a Sky News Arabia report on remarks by Iran's deputy foreign minister about abandoning its nuclear programme subject to a US offer. The gains, however, moderated after an Iranian news agency clarified the remarks were made earlier during talks with the US, before the war broke out.
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