Technical analysts flag persistent resistance in the Nifty 50 near 24,450, warning of possible declines if key support breaks.
After failing to break past the 24,450 mark for three consecutive sessions, the Nifty 50 faces renewed selling pressure.
The escalating border tensions between India and Pakistan will continue to weigh on investor sentiment.
SEBI-registered analysts advise caution but see buying opportunities on dips.
Ashish Kyal observes that the Nifty 50 index has struggled for the past three days to break above the 24,450 level, indicating persistent resistance at this point.
He notes that if the index closes below 24,150 on an hourly basis, it could face increased downward pressure, potentially leading to further declines toward 24,020 and subsequently 23,800.
For stability in the market, Kyal emphasizes that a decisive move above 24,360 is essential. He outlines the expected trading range for the day as being between 24,360 and 23,800.
A&Y Market Research advises investors to remain committed to quality stocks, viewing any market dips as potential buying opportunities. To navigate short-term volatility, they suggest temporarily hedging positions.
A&Y Market Research maintains that the market’s fundamentals remain strong and that the current weakness was anticipated. Investors are encouraged to stay calm and continue their investments.
For intraday levels, they peg Nifty resistance at 24,455–24,507 and support at 23,812–23,877.
And for the Bank Nifty, they see resistance at 54,334–54,470 and support at 53,344–53,457.
The firm emphasizes that stock-specific movements are likely to drive the market’s direction for the day.
In terms of sector focus, defense stocks such as BEL, BDL, and HAL are expected to remain prominent, while IT, pharma, and FMCG sectors could demonstrate relative strength even if broader market weakness persists.
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