Markets are trading at critical levels with both resistance and support zones clearly defined. Analysts Bharat Sharma and Dipak Takodara highlight 24,800 and 24,350 as key pivot levels for Nifty in the near term.

The Indian equity market appears poised for a decisive move, with technical analysts flagging crucial resistance and support levels that could determine the short-term direction for the Nifty 50 index.

According to SEBI-registered analyst Bharat Sharma, the market’s retreat on Tuesday was a retest of the breakout above 24,800, and he now expects this level to act as a significant resistance in the near term. 

The immediate support zone for both positional and intraday trades is seen between 24,530 and 24,560, a region reinforced by the 100 EMA on the 15-minute timeframe and a previous peak resistance that has now turned into support.

Sharma anticipates that if the Nifty breaches the 24,550–24,500 support range during intraday trading, further downside towards 24,400–24,300 could follow. 

Conversely, any upward move would require the index to cross the 20 Exponential Moving Average (EMA) at 24,650 on the 15-minute chart, after which resistance is expected at 24,750–24,800. 

He also noted that options premiums remain elevated, reflecting ongoing market volatility.

Dipak Takodara, echoed a similar cautious tone, observing that the Nifty 50 is at a critical juncture, with immediate resistance between 24,950 and 25,000.

Should this level be breached on a closing basis, traders can eye higher resistance zones at 25,200–25,300 and 25,650–25,750.

On the lower side, Takodara identified 24,350–24,400 as immediate support, followed by deeper support levels at 24,100–24,200 and 23,850–23,900, should the index continue to slide.

“A close above 25,000 could open the door to 25,200–25,300, while a break below 24,350 might trigger a drop toward 24,100–24,200,” Takodara advised.

As the market trades within a narrowing range, traders are advised to keep a close watch on these pivot points and prepare for sharp moves in either direction.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<