- Nifty 50 closed nearly flat at 22,749.75 amid cautious investor sentiment
- Index faces resistance at 22,800-22,850 for potential bullish momentum revival
- Support levels identified at 22,600 and 22,500 could trigger selling if breached
Indian equities ended almost unchanged on Tuesday as Nifty 50 closed at 22,749.75, with investors remaining cautious ahead of the US Federal Reserve's policy decision and key corporate earnings. Market participants will watch whether the index can break above the 22,800-22,850 resistance band to revive bullish momentum. This comes amid cooling oil prices as Brent falls below $110.
“The structure is still inconclusive, but a close above 22,850 would bring bullish momentum back into the market. For now, traders should stay level-based and act on clear breakouts or breakdowns,” said Shrikant Chouhan, Head of Equity Research at Kotak Neo.
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The 22,800 mark continues to act as a hurdle for the Nifty, with the index repeatedly struggling to sustain gains above this level. A decisive breakout and sustained move above 22,800 could extend the recovery towards the psychologically important 23,000 mark.
“On the downside, 22,600 remains immediate support, followed by 22,500. A decisive break below this range could revive selling pressure and undermine the recovery,” said Ponmudi R, CEO of Enrich Money. The near-term market structure remains inconclusive, making a sustained move beyond the key levels important for traders.
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Investors will also track corporate earnings, commodity price movements and global macroeconomic developments for cues on market direction.
“Despite near-term volatility, the broader investment case for Indian equities continues to be supported by healthy domestic fundamentals and sustained long-term growth prospects,” said Sunny Agrawal, Head of Fundamental Research at SBI Securities.
Bank Nifty Outlook
The Bank Nifty ended lower after opening on a steady note, failing to sustain gains above the crucial 54,400-54,600 resistance zone before slipping towards the psychological 54,000 mark. The immediate support zone lies at 54,000-53,800. A decisive break below this range could intensify selling pressure and drag the index towards 53,500, with the possibility of further weakness if selling accelerates.
On the upside, a sustained move above 54,400-54,600 could improve recovery prospects and open the way towards the next resistance zone at 55,000-55,200, according to Ponmudi. The banking index's ability to defend immediate support and reclaim the resistance band will be crucial in determining its next move.
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