The NSE Nifty 50 is likely to commence the trading session at an uptick on Thursday with an immediate resistance at 24,150-24,200 levels, despite ending the previous day's trade in the red, due to a positive upmove of GIFT Nifty Futures.
The GIFT Nifty futures saw a 0.45% downturn to 24,073 at 11:01 p.m.
The Indian stock market traded lower on Wednesday, following weak global market cues, as surging crude oil prices and rising global bond yields continue to weigh on investor sentiment amid the escalating US-Iran war in the Middle East.
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Nifty 50 fell 0.59% to 23,914.45 and the Sensex shed 0.49% to 76,570.35, paring losses of 0.7% and 0.6% from before the closing auction. The indices have fallen 5% since the Iran war broke out more than six months ago.
The Nifty index sees immediate resistance in the 24,150–24,200 zone, as per Dhupesh Dhameja, derivatives research analyst at SAMCO Securities.
"Beyond this, 24,254 and 24,337 remain the next key hurdles. On the downside, 23,880 serves as immediate support, followed by the broader support area near 23,800," Dhameja said.
From a technical perspective, the Nifty levels tested the key support zone around 23,800, before buying at lower levels helped the index recover part of its losses and close near 23,900, according to Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.
The index is likely to remain range-bound in the near term, with 23,800 emerging as an important support level, the analyst said.
Bank Nifty Outlook
For the Bank Nifty Index, the 57,020 zone remains an important immediate support zone, as per Dhameja, while 57,571 has emerged as the key hurdle.
"A sustained move above 57,571 could improve the structure and open the door towards 58,025, followed by 58,268. On the downside, a decisive breach of 57,020 may increase selling pressure," the analyst said.
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The index ended the session at 57,172, down 0.41% for the day, forming a bearish candle on the daily chart, as per Om Mehra, technical research analyst, SAMCO Securities.
"The index has slipped below its MA (moving average) ribbon, with the cluster placed around 57,400 to 57,600, which now acts as immediate resistance," Mehra said.
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