synopsis

The benchmark index stayed resilient above a key level on an options expiry day, with analysts noting bullish cues from key technical levels. A decisive move above 24,920 could unlock the next rally.

Indian equity markets witnessed a choppy expiry session on Thursday, but ended in the green, driven by strong global sentiment. 

Analyst Bharat Sharma of Stockace Financial Services observed that Nifty displayed acute volatility on expiry day but ended with an upside, maintaining the 24,800 level. 

He notes that the index is well above the 20-day Exponential Moving Average (EMA), and all key EMAs indicate a forward momentum. 

The market has once again respected the trending line. According to Sharma, there is no reason to change the outlook as long as the market remains above the 20-day EMA.

Sharma believes that if Nifty sustains above 24,800, there is a high probability of a rally, with 24,860 acting as immediate resistance. If it does so, we can see gains till the 24,920–25,000+ range. 

On the downside, 24,800–24,770 will serve as immediate support, where the market has spent considerable time over the last 2-3 sessions. 

Sharma warns that a breach below 24,800 could trap the index in a consolidation loop, and a breach below 24,770 will open the downside to 24,730, 24,660, 24,580, 24,500, and further.

He expects a decisive upside move from the market. As long as the market remains above the 20-day EMA and respects the trending line, Sharma sees the possibility of an upward move.

Analyst Praveen Girotra notes that the Nifty index found support at the golden Fibonacci level and rebounded strongly. 

He emphasises that as long as 24,700 is respected, the strategy should be to continue buying on dips through the day. 

Girotra anticipates short-term resistance and consolidation around 25,080 for the day. A strong directional trend is likely to emerge if this resistance is decisively broken.

Analyst Ashish Kyal highlights that Nifty needs a 15-minute close above 24,920 to resume the positive trend to 25,020 or higher levels. On the downside, he says a break below 24,660 will resume the negative trend to 24,580.

Kyal believes a sustained move above 24,920 would bring price and time into sync again, likely pushing the momentum, but advises waiting for decisive price action.

Meanwhile, SEBI-registered investment advisor Financial Independence highlights that Bank Nifty is on the verge of a pole-and-flag breakout on weekly and daily charts.

The Relative Strength Index (RSI) is holding firmly above 60, indicating multi-timeframe bullish momentum, a classic setup for high-probability breakouts.

Traders are advised to monitor key levels for confirmation of this breakout, especially for swing and positional trades.

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