The Indian equities commenced the week on a robust footing, with benchmark index posting healthy gains as bullish sentiment remained firmly in control throughout the trading session. Following a strong opening, the market sustained its upward trajectory, while brief intraday pullback during the latter half of the session attracted renewed buying interest, underscoring market participants’ confidence after the recent consolidation breakout. Consequently, the Nifty50 index settled above 24400, advancing 0.66% for the day.

The benchmark index extended its winning streak for a fourth consecutive session, reflecting sustained buying interest and reinforcing the market’s constructive undertone. A notable contributor to this uptrend has been the strong participation of index heavyweights, which has significantly strengthened the broader market structure and enhanced the overall sentiment. From a technical perspective, the Nifty has approached a crucial inflection point near its 200-DEMA. A decisive breakout above this level may pave the way for further upside towards the immediate resistance at 24565, followed by the 24750 zone. Conversely, on the downside, the 24300-24250 region is expected to provide strong support and is likely to absorb any near-term corrective declines, thereby preserving the prevailing bullish bias.

Going ahead, we remain sanguine in our markets with a view of ‘Buy the dips’, hence one must approach correction with buying intent near the aforementioned support zone. Simultaneously, the broader market is likely to offer attractive opportunities for traders’ fraternity, and one must focus on thematic movers for having an outperformance.

Key levels to watch

NIFTY

Support: 24300 – 24250

Resistance: 24565 – 24750

BANKNIFTY

Support: 57850 – 57500

Resistance: 58700 – 59000

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