As Indian markets remained steady on Monday, SEBI-registered advisors highlighted 24,420 as the breakout trigger for Nifty, while 24,000 remained the make-or-break support.
Indian equity markets kicked off the week on a steady note, with the Nifty hovering above the 24,400 mark and broader indices showing relative strength.
SEBI-registered analysts remain cautiously optimistic, identifying key levels that could shape the near-term trajectory of the market.
Ashish Kyal believes that if Nifty manages a 15-minute close above 24,420, it could trigger a move towards 24,550 or even higher.
However, he flags 24,200 as a critical support. A breach below this could indicate the start of a corrective wave, potentially leading to more downside.
Kyal also notes that the opening hour candle will be crucial in determining the week’s tone, advising traders to avoid premature short positions unless the index decisively breaks its prior low.
Bharat Sharma echoes a bullish stance, maintaining that the bias remains positive as long as Nifty stays above 24,000—a key psychological and technical level.
His intraday resistance zone lies between 24,380 and 24,400, with further hurdles at 24,500 and 24,580.
On the downside, support begins at 24,300, followed by a layered safety net at 24,220, 24,180, 24,120, 24,060, and ultimately 24,000.
For positional traders, Sharma is eyeing a move above 24,800 if momentum sustains.
Adding a broader lens, A&Y Market Research pegs immediate resistance for Nifty between 24,455–24,507, while support rests between 23,812–23,877.
For Bank Nifty, they see resistance at 55,443–55,557 and support at 54,334–54,470.
With 24,000 serving as a make-or-break level, traders are advised to monitor price action closely and stay nimble.
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