While the markets may get volatile ahead of expiry, it is likely to remain rangebound, an analyst said
Indian equity markets gained on Monday, boosted by strong buying in tech stocks as investors cheered U.S. Federal Reserve Chair Jerome Powell’s dovish remarks on a possible interest rate cut next month.
With U.S. tariffs set to take effect on Wednesday, SEBI-registered analysts shared their trade setup for Tuesday on Stocktwits.
Bank Nifty Shows Relative Weakness
Nifty remains neutral within its weekly Central Pivot Range (CPR), while Bank Nifty shows relative weakness, observed SEBI-registered analyst Pradeep Carpenter.
On August 26, Nifty faces support at 24,900 – 24,850, with weakness setting in below 24,914, while resistance stands at 25,003 – 25,150. A move above 25,150 could open room toward 25,250.
The Bank Nifty has support at 55,000-54,500 and resistance at 55,309-55,650, with a breakout possible above 55,629, targeting 56,000.
Expiry week may be volatile, but markets will remain range-bound, he added.
Nifty Sees Strong Pushback Around 25,000
Tuesday’s trade was positive, supported by the US Fed’s anti-inflationary stance. However, Nifty once again failed to sustain above the 25,000 mark and faced strong rejection from higher levels. On the 15-minute chart, support emerged near 24,960 at the cluster of exponential moving averages (EMA), suggesting Nifty is still at the verge of another attempt to break out above 25,000, noted SEBI-registered analyst Bharat Sharma.
On the daily timeframe, the index formed a “Bullish Harami” candlestick pattern, indicating further positivity if it is activated above 25,060-25,080. Positionally, 25,150 remains the key resistance zone to watch, as a sustained move above it could open the path toward the 25,200-25,400 levels.
For intraday trading, immediate resistance is located at 25,000-25,020, while support lies at 24,960–24,950. A breach below could drag the index toward 24,920–24,870, though the probability appears lower given today’s strong and sustainable price action.
Key Support At 24,800
For intraday levels, Nifty is likely to face resistance in the 25,009 – 25,075 zone, said A&Y Market Research. On the downside, support is placed between 24,738 and 24,800. Similarly, Bank Nifty has resistance in the range of 55,443 – 55,557, while support is seen around 55,055 – 55,168.
Scalping Opportunity Above 25,020
A break above 25,020 for the Nifty could provide a scalping opportunity with potential upside toward the 25,090-25,130 levels, said Ashish Kyal.
On the downside, immediate support is placed at 24,890. The daily bias remains negative as the index has yet to close above the prior day’s high.
A 15-minute close below 24,890 may increase selling pressure and drag the index toward 24,820.
For updates and corrections, email newsroom[at]stocktwits[dot]com. <