Nifty May Extend Pullback to 24,600 in Short-Term if Support at 23,950 Holds, Analysts Predict

Indian Equity Markets End Higher Amid Volatility

The equity benchmark indices Sensex and Nifty settled higher on Monday, despite a volatile session, as gains in select heavyweight stocks offset mixed global cues. The Nifty, which had pared gains during the day, managed to settle in positive territory, rising 121.75 points or 0.51 percent to close at 24,119.30.

The Sensex advanced 355.90 points or 0.46 percent to end at 77,269.40. During intra-day trade, it had surged 997.25 points or 1.29 percent to 77,910.75. The Nifty's gains were driven by select heavyweight stocks, while sectorally, realty, metals, and pharma stocks led the gains, with banking and IT stocks remaining subdued.

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Analysts said the Nifty may extend its pullback towards the 24,600 level in the short term, provided it holds above the 23,950 mark. Immediate resistance for the index is seen in the 24,250–24,300 zone, with a sustained move above this range potentially pushing the Nifty towards 24,450 and then 24,600 in the near term.

On the downside, immediate support is placed in the 23,980–23,950 zone. Sectorally, broader markets outperformed, with midcap and smallcap indices rising about 0.8 percent each. Bank Nifty also mirrored the trend and formed a thin-bodied candle with an upper wick, indicating resistance at higher levels.

The index faced selling pressure near its 20-day exponential moving average, signalling weakness in the near term. Immediate support for Bank Nifty is placed in the 54,400–54,300 zone. A break below this level could drag the index towards 53,900 and 53,500 in the short term.