Markets are expected to stay volatile in a tight range ahead of expiry and escalating geopolitical tensions, with analysts eyeing key reversal levels between 24,200–24,550.

Indian markets are set for a choppy session on Wednesday, with the Nifty 50 expected to trade within a tight range, according to multiple technical analysts. 

Rising VIX amid geopolitical tensions around the India-Pakistan border, bearish candlestick patterns, and heavy options activity signal possible sharp intraday moves.

Ashish Kyal believes that the Nifty 50 index is likely to trade within a range of 24,200 to 24,530. 

He observes that the value of call options has been deteriorating while implied volatility for put options remains elevated, which typically favors reversal strategies. 

In this context, Kyal suggests that a buy-on-dip approach could be effective, specifically recommending entry near 24,280 if a positive reversal candlestick forms. 

He anticipates a potential rebound towards the 24,450 level, provided the 24,200 support remains intact.

Bharat Sharma notes that a significant upward move is likely only if Nifty can sustain above 24,400, as this level acts as a powerful resistance with heavy call writing between 24,400 and 24,500-potentially triggering short covering in the final two days of expiry. 

Conversely, strong put writing at 24,300 suggests that if Nifty breaks and sustains below this level, a sharp decline could follow. 

Sharma identifies immediate resistance at 24,360, with a breach on the downside making 24,300 an easy target; further declines could see the index approach the 200 EMA near 24,240–24,220. 

He maintains that downside levels remain unchanged, extending to 24,000. Given the current uncertainty and a rise in the VIX, Sharma warns that market moves may be sharp and volatile, advising caution in the near term.

Financial Independence highlights a bearish engulfing candle on the daily chart, reinforcing the cautionary tone. Their view pegs 24,200 as support and 24,550 as resistance for Nifty.

For the Bank Nifty, they see support at 54,200 and 53,500, with resistance at 55,600 and 56,000.

A&Y Market Research offers a more granular intraday outlook, placing Nifty resistance between 24,455 and 24,507 and support in the wider band of 23,812–23,877. 

Their Bank Nifty view marks resistance at 54,334–54,470 and support around 53,344–53,457.

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