The Indian stock market has experienced significant volatility recently, with the Nifty 50 and Bank Nifty showing considerable consolidation now. As global and domestic market conditions continue to evolve, investors and traders are left wondering whether the Nifty Sustains Above 24,700 and if Bank Nifty Holds Firm Above 55,500 amid the Geopolitical Risk phase.
In today’s trading session, both the Nifty 50 and Bank Nifty opened flat, indicating indecisive sentiment at the start. However, as the session progressed, Nifty was trading in the consolidating phase in the range, and Banknifty faced a sell-off, leading to a decline in their intraday gains.
Index Overview
The Nifty Index opened at Rs. 24,803.25, with almost flat from its previous close of Rs. 24,812.05. The index reached a high of Rs. 24,863.10 but is currently trading close to its opening price.
The BankNifty Index opened at Rs. 55,784.85 with a slight decline from its previous close of Rs. 55,828.75. The index reached a high of Rs. 55,942.45 but is currently trading below its opening price
Nifty 50 has been moving in a narrow range between 24,700 and 25,000 over the past three days. At the same time, the market volatility index (VIX) has been falling and staying below 15, which generally supports a bullish outlook.
The Indian Market, due to ongoing concerns like the Iran-Israel conflict, the Nifty may continue to trade in this tight range for now. If the index drops below 24,700 and closes there, it might slide further toward the key support zone of 24,500–24,450.
On the upside, if Nifty breaks above 25,000 and holds that level, it could see a rise toward 25,200–25,300. As for the Bank Nifty, it needs to stay above 56,000 to move higher toward 56,200–56,500, and on the downside, immediate support is seen around 55,400–55,500.
Experts’ Outlook on Nifty and Banknifty
Sudeep Shah, Deputy VP and Head of Technical and Derivative Research at SBI Securities
They stated that over the past 26 trading sessions, the Nifty has moved sideways in a tight range between 24,462 and 25,222, with 15 sessions seeing gap-up or gap-down openings, indicating intraday volatility despite the lack of a clear trend.
Technical indicators show weakening momentum, with moving averages flattening, RSI staying flat, and ADX near a low of 14, signaling no strong trend. Bollinger Bands have tightened, forming a “squeeze” pattern that often leads to a sharp breakout or breakdown. Traders should watch for a move outside this range. Key support levels are 24,650 and 24,500, while resistance lies at 24,900 and 25,000.
The Bank Nifty recently bounced off its 34-day EMA but has been hovering around its 20-day EMA for the past three sessions, showing market indecision. The RSI is also flat, indicating weak momentum and a consolidation phase. A clear breakout is needed for the next move. Immediate support lies at 55,400–55,450, with 55,000 as the next key level if that breaks, and the Resistance is at 56,000–56,100.
Jatin Gedia, Technical Research Analyst, Capital Market Strategy at Mirae Asset Sharekhan
They stated that Nifty continues to trade within a narrow range of 24,700–25,000, showing signs of consolidation. Attempts to break above 25,000 have faced resistance, while the 24,700–24,750 zone is acting as strong support, with buyers stepping in on dips. Nifty is stuck in a tight range, facing resistance at 25,000–25,100, while strong support lies at 24,750–24,700.
The Bank Nifty showed strength and closed in the green, with key stocks like HDFC Bank, Kotak Bank, IndusInd Bank, and AU Small Finance Bank displaying bullish signals. The index is expected to maintain its positive bias in the coming sessions. Immediate support lies at 55,500–55,400, while resistance is seen at 56,400–56,500.
Written by Sridhar J
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