The NSE Nifty 50 sees immediate resistance in the 24,450-24,500 zone, according to Sudeep Shah, head of technical and derivatives research at SBI Securities.
On Thursday, the Nifty bulls took the index to a high of 24,482.1, but retreated towards the latter half of the trade. The markets eventually closed flat.
The global cues were mixed, as two of the three main Wall Street indices—S&P 500 and Nasdaq Composite—opened to fresh all-time highs, but subsequently retreated and slipped marginally in the red.
Gift Nifty futures were trading 0.1-0.2% lower late on Thursday, indicating a possible negative start for the D-Street. However, analysts indicated that upward bias remains, given the optimism around a likely US-Iran deal, which would lead to the Nifty bulls attempting to cross the 24,500 hurdle.
"On the upside, the zone of 24,480-24,500 will act as immediate resistance for the index. Any sustainable move above 24,500, will lead to sharp upside rally up to the 24650 level in the short term," Shah said.
On the downside, however, the zone of 24,200–24,180 is expected to act as an immediate support, the analyst added.
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The index formed a small bearish candlestick pattern with shadows in either direction signaling consolidation amid stock specific action, according to Bajaj Broking's market research.
"Going ahead, a breakout and a close above 24,400 will open further upside towards 24,600 and 24,800 levels in the coming weeks," the brokerage said.
Bank Nifty
The Bank Nifty Index will see 56,400–56,500 as a crucial resistance zone, according to Shah. "A sustainable move above the 56,500 level would be critical and could trigger a sharp upside rally, with immediate targets placed at 57,200, followed by 58000 in the short term," he said.
On the downside, the range of 55,600–55,500 is likely to provide immediate support and act as a cushion against any short-term corrective moves, Shah added,.
The index's failure to move above 56,475 will signal extension of the recent consolidation in the range of 55,000-56,475, according to Bajaj Broking.
Market Recap
Indian equity benchmarks ended little changed after a topsy-turvy session. The NSE Nifty 50 closed 0.02% lower at 24,326.65, while the BSE Sensex ended 114 points, or 0.15%, down at 77,844.52. The NSE Nifty MidCap 100 hit a record high and closed above 62,000 for the first time at 62,003.15. M&M, Bajaj Auto, NTPC, HDFC Life and L&T supported the Nifty 50, while Hindustan Unilever, TCS, ITC, Titan and Bajaj Finserv weighed on the index.
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