The NSE Nifty 50 ended in the green for the third straight session on Tuesday, posting its best single-day gains in a week on the back of favourable global cues from positive sentiment on US-Iran negotiations.
The index sees crucial resistance at 24,660-24,700 levels, according to Sudeep Shah, head of technical and derivative research at SBI Securities.
"Going ahead, the 100 day extended moving average (EMA) zone of 24,660–24,700 zone will act as an crucial hurdle for the index. A sustained move above 24,700 could trigger further upside towards 24,950. On the downside, the 24,460–24,430 zone is expected to act as immediate support," Shah said.
The index formed a bullish candlestick pattern with a higher high and a higher low, highlighting continuation of the upmove. It sees short-term suppport at 23,600-23,500 levels and is in the process sustaining above its 50 days EMA, according to Bajaj Broking's market research.
"Short-term support is positioned around 23,600–23,500 range being the confluence of last week low and 38.2% retracement of the last 3 weeks pullback (22,183-24,601)," the brokerage said. "Forming higher high and higher low in weekly chart will keep the current pullback trend intact," it added.
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Bank Nifty
The Bank Nifty index is going ahead, is expected to extend its upward momentum and may retest the 58,000 level, followed by 58,500 in the short term, as per Shah, with immediate support at 56,800-56,700 levels. "On the downside, the 56,800–56,700 zone is likely to act as an immediate support area," Shah said.
The index formed a bullish candlestick pattern with a higher high and a higher low, highlighting continuation of the upmove with the index in the process closed firmly above the 200 days EMA, according to Bajaj Broking.
"From a short-term perspective, support is placed in the range of 54,500–54,000 zone, being the confluence of the last week low and 38.2% retracement of the last three weeks pullback (49,955-57,456). Forming higher high and higher low in weekly chart will keep the current pullback trend intact," the brokerage said.
Market Recap
Indian equity benchmarks extended gains for the third consecutive trading session. The bechmark indices posted their best single-day gains in a week amid F&O expiry as on positive global cues as investors tracked hopes of progress in US-Iran talks ahead of the ceasefire deadline. The NSE Nifty 50 rose nearly 0.9% to end above 24,550 and the BSE Sensex rose nearly 1% or over 750 points to settle near 79,300.
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