The Indian equity markets opened on a muted note; however, sentiment improved as easing crude oil prices and stability across Asian markets boosted investor confidence. Strong buying in banking and financial stocks, coupled with a recovery in the IT sector, propelled the Nifty 50 higher, ending the session up 0.83% above 24000 mark.

Technically, there have been no significant alterations in the price chart as the benchmark index remained hesitant to surpass the crucial juncture of 24100-24150 zone. However, the recovery from the previous session’s sharp decline reflects underlying resilience and sustained buying interest at lower levels, indicating a supportive undertone despite prevailing caution. On the levels front, the pivotal support is placed at 23900, while the recent swing low and the 20-DEMA near 23780 strengthen the support base. These levels are likely to provide stability during short-term corrective phases. Meanwhile, 24150 remains the key resistance zone, and traders may consider accumulating on declines until a convincing breakout unfolds.

Given the week-ending session ahead, market participants may consider adopting a prudent approach rather than chasing aggressive trades. Emphasis should remain on thematic outperformers and stocks exhibiting strong relative strength, as these are likely to continue attracting trader interest amid evolving market dynamics.

Key levels to watch

NIFTY

Support: 23900 – 23780

Resistance: 24150 – 24200

BANKNIFTY

Support: 57700 – 57200

Resistance: 58400 – 58800

Osho Krishan, Chief Manager – Technical & Derivative Research, Angel One