Markets Reach New Heights: Nifty Surpasses 24,000, Analysts Identify Key Trading Levels

Indian Equity Markets End Lower Amid Global Volatility

The Indian equity benchmark indices, Sensex and Nifty, concluded a turbulent session on Tuesday, weighed down by weak global cues and escalating geopolitical concerns.

The Nifty opened on a subdued note and plummeted sharply in early trade, briefly dipping below the 23,900 level. The index partially recovered in the latter half of the session but failed to sustain its gains, ultimately settling 86.50 points or 0.36 percent lower at 24,032.80.

The Sensex dropped 251.61 points or 0.33 percent to close at 77,017.79. During the session, it had fallen 754.37 points or 0.97 percent to a low of 76,515.03.

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The Nifty continues to remain in a consolidation phase, according to analysts. Identifying stocks based on sectoral trends while maintaining a balanced approach is key. The preferred sectors for long positions are energy, metals, and pharma, along with themes such as defence and railways. Conversely, banking and IT may remain subdued.

The Nifty is hovering around its 20-day exponential moving average while holding support near the 23,800 level. A break below this immediate support could trigger a short-term correction. However, as long as it holds, the overall bias remains positive. On the upside, the 50-day exponential moving average in the 24,300–24,350 zone has been acting as a hurdle. A decisive move above this level would be required to revive momentum, potentially pushing the index towards 24,600 and higher levels.

The 23,800–24,300 range remains crucial in the near term, and a breakout from this band is likely to determine the next directional move. Traders should monitor these levels and adopt a stock-specific approach, with emphasis on selectivity.

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Sectorally, the trend was mixed, with auto, pharma, and FMCG stocks showing resilience, while realty, banking, and financials closed lower. Broader markets were largely stable, with midcap and smallcap indices showing marginal movement, indicating selective participation.