Nifty 50 Faces Resistance at 24,200 as Bank Nifty Targets 56,700 Amid Ongoing Oil Price Pressures

Market Continues to Consolidate Amid Positive Trend

The Indian market has been experiencing a minor cool-off from higher levels, as indicated by the momentum indicator RSI. However, the Nifty 50 remains comfortably above its 20- and 50-day EMAs, reflecting the underlying strength in the ongoing trend.

| Comparison of Nifty 50 and Bank Nifty | | --- | --- | | Nifty 50 | Bank Nifty | | 24,378 | 57,124 | | -0.81% | -0.43% | | 199 points | 247 points |

The 24,200 (50-day EMA) is expected to act as an immediate crucial support for the Nifty 50, while the key hurdle is placed at 24,500–24,600. Meanwhile, if the Bank Nifty breaks 57,000, 56,700 (200-day EMA) can act as immediate key support, followed by 56,300.

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Nifty 50 Outlook and Strategy

The pace of the pullback rally, which began from the recent low of 22,182, has slowed down noticeably over the last three trading sessions. This suggests that the market is taking a breather after the strong upward move, allowing prices to stabilise before the next directional move unfolds.

The technical structure remains positive as the index continues to trade comfortably above its 20-day and 50-day EMAs. However, on the momentum front, the daily RSI has faced resistance near the 60 mark and has witnessed a minor cool-off from higher levels. This indicates that the index is likely to witness consolidation in the near term, while stock-specific action and sector rotation are expected to continue.

Key Resistance and Support Levels for Nifty 50

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Strategy: Buy Nifty Futures between 24,300–24,400

The Nifty 50 is expected to enter a phase of consolidation, with key support levels placed at 24,250 and 24,200. Buying interest is expected between 24,300–24,400, with a stop-loss of 24,200, targeting 24,650.

Bank Nifty Outlook and Positioning

The banking benchmark index, Bank Nifty, has been outperforming the frontline indices over the last three trading sessions. The index is currently placed above both its short-term and long-term moving averages, indicating a positive underlying trend.

| Comparison of Bank Nifty | | --- | --- | | Bank Nifty | | 57,124 | | -0.43% |

Key Resistance and Support Levels for Bank Nifty

Strategy: Buy Bank Nifty Futures between 57,100–57,250

The Bank Nifty is expected to enter a phase of short-term consolidation, with key support levels placed at 56,500 and 56,600. Buying interest is expected between 57,100–57,250, with a stop-loss of 56,700, targeting 58,200.