The key resistance zone for NSE Nifty 50 has moved to around 24,400 level, after the Indian markets rebounded on Wednesday on renewed US-Iran peace deal hopes.
The NSE Nifty 50 finds immediate resistance at 24,350-24,400 levels after the index snapped Monday's losses, buoyed by positive global cues and GIFT Nifty gains on Wednesday, as per analyst Sudeep Shah, head of technical and derivatives research at SBI Securities.
"Going ahead, the 24,070–24,050 zone will act as an immediate support area for the index. On the upside, the 24,350–24,400 zone will act as an immediate resistance, and a sustained move above this band could lead to further upside toward the 24,550 level," Shah said.
The Nifty index has formed a bullish candle with a higher high and a higher low and a bullish gap below its base 23,907-24,145, signalling continuation of the up move as buying demand emerged from the 20-day extended moving average (EMA) on Monday's session, according to Bajaj Broking Research.
"Nifty has short term support at 23,450-23,100 levels being the confluence of the last Wednesday gap area and 20 days EMA. Index sustaining above the same will keep the current pullback trend intact," the brokerage said.
Bank Nifty
The Bank Nifty index finds immediate support in the 55,800–55,700 zone, according to Shah.
"On the upside, the 200-day EMA zone of 56,700–56,800 will act as a key resistance, and a sustained move above this band could trigger further upside toward 57,300 levels," Shah said.
"Bank Nifty has immediate support at 54,000-53,000 levels being the confluence of the last Wednesday gap area and 20 days EMA. Index sustaining above the same will keep the current pullback trend intact," Bajaj Broking said.
Market Recap
Indian equity benchmarks rallied on Wednesday, erasing most of Monday's losses on positive global cues as optimism grew over a diplomatic solution to the Middle East conflict. The Nifty 50 closed 1.6% higher to end above 24,200, while the BSE Sensex rallied over 1,200 points or 1.64% to settle above 78,100. Stock market was shut on Tuesday due to a public holiday.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
