Nifty 50 Surpasses 24,000: Key Technical Levels to Monitor

Indian Stock Market Surges 1% as Global Markets Rally

The Indian stock market traded with strong gains on Monday, as benchmark indices Sensex and Nifty 50 surged over 1% each, tracking a rally in global markets. Improved investor sentiment, driven by optimism over potential US-Iran peace talks and a sharp decline in crude oil prices, supported the upmove.

The BSE Sensex jumped 1,076.39 points, or 1.43%, to 76,491.74, while the NSE Nifty 50 surged 313.00 points, or 1.32%, to 24,032.30. Meanwhile, the Bank Nifty index rallied 1,182.80 points, or 2.19%, to 55,238.15.

Nifty 50 Breaks Above Range-Bound Structure

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The benchmark Nifty 50 decisively moved above its broader range-bound structure, signalling an improvement in near-term sentiment. Although the index touched an intraday high of 24,036.80 so far, it will be crucial for it to sustain above the psychological mark of 24,000.

Next Key Levels for Nifty 50

According to market experts, the 24,000 level remains a critical hurdle for the Nifty 50 as it coincides with the 52-day exponential moving average (DEMA). Sustaining above this zone will be essential for the continuation of upward momentum.

Key Support and Resistance Levels

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Market experts have identified key support and resistance levels for the Nifty 50. According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the 23,850 – 23,900 zone had been acting as resistance over the last couple of weeks, but the index has surpassed this zone, indicating a likely range breakout.

"This suggests that the index could reclaim the 24,000 mark in the near term and potentially extend the move towards the 24,500 – 24,600 zone. On the flip side, the earlier resistance zone of 23,800 – 23,900 is expected to act as immediate support," said Bhosale.

According to Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, the 23,850 – 23,870 zone will act as crucial support for the Nifty 50, while resistance is placed in the 24,100 – 24,120 range.

"If the index decisively moves above 24,120, it could witness an extension of the rally towards 24,320. However, if Nifty 50 slips below 23,850, the next support zone is placed between 23,600 and 23,500," Shah said.

Ponmudi R, CEO of Enrich Money, believes the psychological 24,000 mark now serves as an important immediate resistance level. "A decisive and sustained breakout above this zone could strengthen bullish momentum further and open room for an advance towards the broader 24,200–24,400 range," he said.

Nifty Options Data

On the derivatives front, meaningful call writing was observed at the 24,000 and 24,100 strikes, indicating resistance around these levels. On the put side, the highest open interest was concentrated at the 23,900 strike, followed by 23,800, suggesting immediate support for the index.