The Indian stock market has experienced a significant rally recently, with the Nifty 50 and Bank Nifty showing considerable fluctuations. As the global and domestic market conditions continue to evolve, investors and traders are left wondering if Nifty 50 can climb above 24,500 and if Bank Nifty can surpass 56,500 in this market phase.
In today’s trading session, both the Nifty 50 and Bank Nifty opened with a gap-up, indicating positive sentiment at the start. However, as the session progressed, both indices faced a sell-off, leading to a decline in their intraday gains. Currently, they are trading below their day’s opening levels, reflecting a reversal of early optimism and signaling increased market volatility.
Index Overview
The Nifty Index opened at Rs. 24,357.60, with a gap-up of up to 0.81 percent from its previous close of Rs. 24,167.25. The index reached a high of Rs. 24,359.30 but is currently trading below its opening price.
The BankNifty Index opened at Rs. 56,097.10, with a gap-up of up to 0.83 percent from its previous close of Rs. 55,647.20. The index reached a high of Rs. 56,098.70 but is currently trading below its opening price.
Experts’ Outlook on Nifty and Banknifty
According to experts, the significant rally in the market is expected to continue as the Nifty 50 stays above the 24,300 mark and the Bank Nifty needs to sustain above the 55,200 mark, the key support zone, to rally toward 56,500.
Nandish Shah, Senior Technical and Derivative Analyst at HDFC Securities
He stated that Nifty continues to maintain a bullish trend, trading above all key moving averages. Strong Put writing has been observed in the 23,800–24,000 zone, suggesting this area should act as immediate support.
On the upside, resistance is seen at 24,300 due to active Call writing, followed by a major hurdle at 24,545, representing the 61.8 percent Fibonacci retracement of the prior downtrend. A close above 24,300 could lead to short covering and a further rally.
Bank Nifty continued its strong uptrend for the sixth consecutive session, closing at a fresh all-time high. The short-term trend remains firmly bullish, with the index trading above its 5-, 11-, and 20-day EMAs.
The breakout from a downward-sloping trendline (connecting the September 27 and December 13, 2024, highs) confirms strong upside momentum. Aggressive Put writing at the 54,000–55,000 levels indicates strong support, while Fibonacci retracement levels point to potential targets ahead.
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
He stated that Nifty has witnessed a sharp rally, rising over 11 percent or nearly 2,500 points in just 8 trading sessions, the fastest upmove since the Covid-19 lows in 2020. The index crossed the 24,200 mark for the first time since January 2, with strong follow-through buying.
Since April 8, no daily candle has closed below the previous day’s low, reflecting a firm bullish structure. As long as the index holds above the key support of 23,950, the outlook remains positive. A breakout above 24,230 could drive the index higher toward 24,545 and beyond.
The Bank Nifty has shown strong outperformance, gaining over 6,000 points in just 8 sessions, driven by buying in private sector banks. The index broke above the crucial 54,470 resistance level and has consistently made fresh highs, indicating strong momentum.
In the last session, Bank Nifty crossed the 55,000 mark for the first time and touched a new high of 55,961. While the index is now in the overbought zone, the trend remains bullish unless it closes below the previous day’s low near 55,243. The upside target is placed around 56,500, with support seen at 55,200.
Written by Sridhar J
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