Breakout Or Breakdown? SEBI RAs Flag Critical Nifty Levels Between 24,200–24,530

Top technical analysts say Nifty is approaching a decisive zone, with resistance around 24,450.

Indian markets continue to consolidate in a narrow band on Thursday. 

Multiple SEBI registered analysts flagged critical resistance and support zones that could decide the next breakout for the Nifty and the Bank Nifty, as investors continue to keep an eye on weekly expiry and recent geopolitical tensions.

Ashish Kyal notes that the Nifty has been stuck between 24,200 and 24,530, and a breakout above 24,450 could trigger a short-term rally toward 24,560. 

However, a fall below 24,280 may invite selling pressure and drag the index to 24,200 or below.

However, Bharat Sharma advises caution in the current market environment, citing the potential for volatile and intensive moves. He points out that recent price action has slightly improved the downward slope, which has frequently acted as resistance.

If the Nifty breaks and sustains above this slope, an intensive bullish run towards 24,600–24,800 could occur. On the downside, he maintains a positive outlook as long as the index remains above 24,000; a drop below this level would warrant further analysis. 

For intraday trading, Sharma identifies immediate resistance at 24,440, with a potential move to 24,520–24,600 if breached. 

Immediate support is at 24,380–24,360, and a break below this could lead to a decline towards 24,300, where significant support and the 200 EMA are located. 

He adds that if this level does not hold, further downside targets include 24,220, 24,180, 24,120, 24,060, and 24,000, with multiple support clusters below.

Options data suggests the market might stay sideways during expiry, although strong call writing at 24,400 shows bullish confidence.

Krishna Pathank’s analysis of the Nifty 50 highlights several key technical levels on the 15-minute chart. 

He identifies a resistance zone between 24,440 and 24,450, where the index has faced repeated rejection. The immediate support zone is marked at 24,300 to 24,320, which has served as a short-term consolidation base.

While he pegs a major support area between 24,200 and 24,220, considered a significant demand region. 

Meanwhile, A&Y Market Research provides an intraday outlook for the Nifty, highlighting resistance between 24,455 and 24,507 and support in the 23,812 to 23,877 range. 

For Bank Nifty, resistance is noted at 55,443 to 55,557, with support at 54,334 to 54,470.

Varunkumar Patel notes that Foreign Institutional Investors (FIIs) have invested over ₹2,500 crore in Indian cash market stocks and have also turned net buyers in index futures and options (F&O). 

Despite recent geopolitical tensions, including India’s actions against Pakistan, FIIs have maintained their confidence in the Indian economy, as reflected in these robust investment figures. 

Foreign Institutional Investors have remained net buyers in the Indian equity markets now for 15 straight sessions, with another ₹2,585 crore net purchase figure on Wednesday.

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