GIFT Nifty hints at muted start for markets; key levels to watch on October 24

Nifty 50, Sensex ended flat in the previous session.

Dalal Street's benchmark's Nifty 50 and Sensex may see a tepid open in trade on October 24, as GIFT Nifty futures trade near the flatline. However, supportive cues from global markets may led to some optimism in the session. At 7.45 a.m., the GIFT Nifty index was trading at 26,034, higher by 22 points or 0.08 percent.

Overnight, Wall Street advanced as investors mulled a mixed batch of corporate earnings and shifting geopolitical concerns. All three major U.S. stock indexes closed higher, with tech strength nudging the Nasdaq into the lead. But the small-cap Russell 2000 was the clear outperformer. The Dow Jones Industrial Average rose 0.31 percent, the S&P 500 gained 0.58 percent and the Nasdaq Composite gained 0.89 percent.

Today, Asian stocks opened higher as a planned meeting between Donald Trump and Xi Jinping eased nerves around trade tensions. Oil prices edged lower ahead of US inflation data.

After seeing a strong open in the previous session, the Nifty 50 and Sensex saw their rally fizzle out, leading the benchmarks to close flat. Investor sentiment was tempered after reports that Prime Minister Modi will attend the ASEAN Summit in virtual mode rather than in person, effectively ruling out a potential meeting with U.S. President Donald Trump, noted Ponmudi R, CEO of Enrich Money.

He added that the development dampened hopes of an early breakthrough in the India-U.S. trade deal, prompting a degree of caution among market participants.

Key levels to watch in trade on October 24

From a technical perspective, while the index appears overstretched and showing early signs of momentum fatigue, a healthy consolidation or mild correction cannot be ruled out. Nevertheless, the Nifty’s sustained move above its breakout neckline has converted previous resistance into a strong support base, noted Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Every minor dip continues to attract fresh accumulation from buyers, reaffirming the underlying bullish bias. The 25,750–25,650 zone remains a key “buy-on-dips” region, supported by multiple technical confluences, including the breakout neckline and major swing lows.

On the upside, the index could encounter intermittent resistance near 25,900–26,000, an area coinciding with prior supply zones. However, given the persistent pattern of higher highs and higher lows, the likelihood of a decisive breakout above this resistance band remains elevated.

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