Indian equity benchmarks resumed their gains on Monday after a hiccup in the winning streak on Friday. GIFT Nifty signalled a positive start for Tuesday, with the futures trading with an uptick of 0.34% at 24,182.5 as of 10:41 p.m.
Wall Street also rose on Monday as it assessed the latest developments in the Iran-US war negotiations. S&P 500 and Dow Jones saw recovery while Nasdaq traded mixed.
This comes as Qatar and Pakistan said that US and Iranian officials have agreed to a roadmap to reach a final deal within 60 days.
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In the backdrop of these positive global cues, the Nifty sees immediate resistance in the 24,200–24,230 zone. This is likely to act as an immediate hurdle for the index, according to analyst Sudeep Shah, head of techincal and derivatives research, at SBI Securities.
“A sustained move above 24,230 could trigger a sharp upside rally towards the 24,400 mark. On the downside, the 23,970–23,950 range is expected to provide strong support,” Shah said.
Nandish Shah, deputy vice president of HDFC Securities, identifed immediate support for the index at 23,900–24,000 levels. Technically, the index failed to breach the previous swing high resistance at 24,190, which continues to act as a key near-term hurdle, he added.
“A sustained move above this level could pave the way for further upside towards the 200 DEMA (double exponential moving average), placed around 24,450,” he said.
Bank Nifty
Sudeep Shah sees immediate support for the Bank Nifty index in the 57,500–57,400 zone.
The index continues to trade above its 200-day simple moving average, while a bullish crossover between the 20-day and 50-day SMAs has emerged, further strengthening the positive setup, according to Om Mehra, technical research analyst at SAMCO Securities.
“Given the prevailing chart structure, we expect the index to maintain its upward trajectory and test the 58m500 level, followed by 59,100 in the near term,” analyst Sudeep Shah stated.
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