Markets traded flat on Tuesday as analysts flagged 24,400 as the key level for Nifty’s short-term trajectory.

Indian equity markets traded on a subdued note early on Tuesday, with the Nifty hovering near the 24,450 mark.

SEBI-registered analysts remain cautiously optimistic, identifying key levels that could shape the near-term trajectory of the market.

Bharat Sharma’s outlook for the Nifty on Tuesday is shaped by the index’s ability to sustain levels above 24,400, which now acts as immediate support. 

According to him, a decisive move below this zone could tilt momentum in favor of the bears, particularly with clusters of exponential moving averages (20, 50, and 100 EMA) concentrated near the same level. A breach could push the index to test its 200 EMA on the 15-minute chart, positioned around 24,240–24,200.

Sharma also notes that the Nifty has formed a symmetrical triangle pattern just above the 24,300–24,400 range on the intraday chart. A breakout of at least 100 points from this formation could dictate the next directional move. However, he warns traders to be wary of false breakouts, which are common in such patterns.

A significant upside breakout could drive the Nifty higher by another 100 points, while a breakdown would open the door to lower levels, in line with the chart signals.

Meanwhile, Ashish Kyal observes that Nifty 50 is positioned for a potential short-covering rally if it breaks above the 24,530 level. Such a move could force Call sellers at the 24,500 strike to cover their positions, potentially driving prices up to 24,620 or higher.

On the downside, he identified immediate support at 24,280; a breach below this level may trigger profit booking.

Kyal notes that while the time cycle appears supportive during the first half of the session, price action will be the key determinant for intraday direction.

And for intraday levels, A&Y Market Research pegs Nifty faces resistance at 24,455 and 24,507, with support at 23,812 and 23,877. 

For Bank Nifty, they see resistance at 55,443 and 55,557, while support lies at 54,334 and 54,470. 

A&Y Market Research advises investors to remain vigilant, focusing on stock-specific opportunities while staying alert to broader market and geopolitical developments.

Nifty shares have gained 3% year-to-date (YTD).

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