Bank Nifty is likely to remain capped unless 56,000 is decisively crossed.
Indian equity markets extended their gaining streak, with the Nifty index closing at 24,980 on Tuesday. Trade was largely range-bound, showing indecision ahead of a fresh trigger. The GIFT Nifty indicates a weak start on Dalal Street today.
Where from here? SEBI-registered analysts shared their market outlook and trade setup for Wednesday on Stocktwits.
The Trade Setup
Bharat Sharma of Stockace Financial Services maintains his positional view that if the Nifty sustains above 25,000, it could open the path towards 25,200-25,400 in the near term. In case of any retracements from 25,000, 24,800 would function as key support (20/50-day Exponential Moving Average)
For intraday trade, he identified immediate resistance at 25,010-25,020, which, if breached, can lead to the next resistance at 25,100-25,200. On the downside, immediate support is seen at 24,960, which aligned with the 20-day EMA on the 15-minute timeframe. Next support levels are seen at 24,920-24,880, 24,870, and 24,800.
Analyst Dipak Takodara noted that while the Nifty advanced & closed just under the 50-DMA, showing improving short-term strength, it still has overhead supply around 25,000 (50-DMA). He believes that if the index held 24,850–24,800, it would keep the bounce intact, and that a decisive close above 25,050 opens the doors to 25,255–25,340 next.
Pradeep Carpenter noted that the Central Pivot Range (CPR) for Nifty stands at 24,955, suggesting a narrow range; but a decisive cross above this may lead to a breakout. He identified resistance at 25,037, 25,094, and 25,176. Support is seen at 24,898, 24,816, and 24,759.
For the Bank Nifty, CPR stands at 55,812, indicating sideways action unless broken. Resistance is pegged at 56,017, 56,169, 56,374, with support levels at 55,660, 55,455, and 55,303.
Carpenter concluded that if the Nifty index crosses 25,000, the bulls may push the index towards 25,176–25,250. But a break below 24,850 could lead to selling pressure towards 24,700.
For the Bank Nifty, a rise above 56,000 could take it to 56,300 and higher, but a break below 55,600 could drag it to 55,200. Overall, the market looks range-bound with a “wait-and-watch” tone, but stock-specific action is expected in autos, FMCG, and media, he added.
A&Y Market Research noted Nifty resistance between 25,009 – 25,075, with support at 24,738 – 24800. For the Bank Nifty, they pegged intraday resistance at 55,850 – 55,921 and support at 55,443 – 55,557.
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