Nifty Futures: Key Levels to Watch for a Potential Breakthrough to 24,000

Stock Markets Rally for Second Consecutive Day

The domestic benchmark indices, Sensex and Nifty, posted gains on Thursday, extending their winning streak for the second straight session, fueled by positive global cues.

Sensex and Nifty Post Significant Gains

The Sensex surged 789.74 points, or 1.06 percent, to settle at 75,398.72, while the Nifty rose 277 points, or 1.18 percent, to close at 23,689.60. The Sensex opened on a strong note but slipped into the red during late morning trade before recovering sharply on value buying in telecom and banking shares. The index later touched an intraday high of 75,681.88, exceeding the 1,000-point mark.

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Market Trends and Outlook

According to market analysts, the Nifty is likely to face resistance in the 23,800-23,830 zone. A sustained move above 23,830 could pave the way for an upward move towards the 24,000 mark. On the downside, the 23,580-23,550 zone is expected to provide strong support.

Market experts, Shrikant Chouhan, Head Equity Research at Kotak Securities, and Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, have forecasted potential price movements for the Nifty and Sensex. Chouhan anticipates the Nifty to move towards the 50-day simple moving average at 23,850, while the Sensex may rise to 76,200. Further upside could take the Nifty to the 23,950-24,000 range and the Sensex to 76,500-76,700 levels.

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Sectoral Performance

Pharma, metal, and financial stocks led the gains, while information technology shares continued to face selling pressure. The midcap index advanced nearly 1 percent, while smallcap stocks remained range-bound and ended flat.