Nifty started the day with a gap-up opening, but subsequent profit booking led the index to close in the red at 24,195. In contrast, the Nifty Smallcap 100 outperformed, ending the session with a 0.82% gain.

On the daily chart, gift nifty exhibited a bearish belt hold pattern, indicating potential weakness. Based on this pattern, the level of 24,350 is expected to serve as strong resistance for the index soon. On the downside, the 21-day exponential moving average (DEMA) is around 24,070, offering potential support.

Therefore, 24,070 serves as immediate support for the index, with 24,000 acting as a key psychological level with Asian Market Performance Analysis. The short-term remains positive, but as long as the index stays below 24,350, traders should prioritize taking profits and wait for a clear breakout.

In-Depth Sensex and Nifty News Market Overview by Dhupesh Dhameja, SAMCO Securities Derivatives Analyst

Bank Nifty started the day with a gap up but experienced some profit-taking, ultimately closing flat at 52,192. On the Gift Nifty Predictions for Today, the index struggled to break through the key resistance zone between 52,500 and 52,580, forming a bearish belt hold pattern that signals potential weakness. This weakness could persist as long as the Adani stocks today stay below the 52,580 mark. Traders are advised to take profits and await a clear breakout above 52,580 before considering fresh positions.

The Nifty index traded within a narrow range for the second day in a row, fluctuating between the 21 EMA and 55 EMA. The short-term remains positive, suggesting a ‘buy-on-dips’ approach could benefit traders. Support is likely to hold in the 23,950–24,000 zone, while 24,500 poses a significant resistance. A breakout above 24,500 could pave the way for an accelerated upward move.

Nifty Stock Market Live Updates for Today, Presented by Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities

The Nifty index shows a mix of bullish and neutral tendencies as it approaches a key resistance range between 24,400 and 24,500. This zone is marked by significant call-writing activity, the 0.382% Fibonacci retracement level intersection and the 50-day moving average in Live Stock Market Updates India. A clear breakout above or below will be crucial in determining the next phase of the Indian stock market trends.