The Nifty 50 closed at 24,211, adding a slender 4.10 points (0.02%), after swinging between an intraday low of 24,000 and a high of 24,259. Bank Nifty outperformed the broader market, while the Sensex settled at 77,616.40, up a modest 47 points.
Key Levels to Watch
- Nifty resistance: 24,251 | Support: 24,120 (stop-loss for longs above 24,251: 24,190)
- Nifty shorts below 24,120: stop-loss at 24,170
- Sensex resistance: 77,689 | Support: 77,461, with downside targets of 77,229, 76,939 and 76,629 if breached
- Low India VIX and elevated Nifty PCR support a constructive bias
All three benchmark indices are positioned above their near-term support zones and close to resistance, with the overall setup for the coming session constructive to mildly bullish, subject to confirmation above resistance. Global cues from the US and Asia remain broadly stable. Traders are advised to size positions carefully, limiting risk to 1-2% of capital per trade, and to use strict stop-losses given the elevated event risk from Q1 earnings, US CPI data and ongoing West Asia tensions this week.
This is technical analysis for informational and educational purposes only and not investment advice. Please consult a registered advisor and use proper risk management before trading.
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