Technical View: Nifty closes above 24,400 amid volatility; critical resistance at 24,500

Market Today

The Indian equity indices ended with little change amid volatility led by geopolitical tensions after India launched missile attack at various terror sites in Pakistan and Pakistan-occupied Kashmir (PoK).

The Nifty50 index opened on a negative note amid escalating geopolitical tensions and weak global markets. However, it immediately erased all the opening losses and traded in a range throughout the session to close near day's high at 24,414.40, up 34.80 points or 0.14 percent.

Broader indices outperformed the main indices with Nifty midcap index rising 1.6 percent and smallcap index added 1.4 percent.

Tata Motors, Bajaj Finance, Jio Financial, Shriram Finance, Eternal were among major gainers on the Nifty, while losers included Asian Paints, Sun Pharma, Bajaj Auto, Grasim Industries and Reliance Industries.

Among sectors, except FMCG, pharma, all other indices ended in the green with metal, auto, media, realty, consumer durables up 1 percent each.

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"The market witnessed significant volatility during the day; a subdued start followed by a swift recovery. However, the Index faced resistance at higher levels and traded within a narrow range before closing at 24,414.40 with modest gains of 34.80 points," said Aditya Gaggar Director of Progressive Shares.

"The Auto segment extended its outperformance by advancing over 1% followed by Realty, while FMCG and Pharma lagged. Broader market participation remained strong, with Midcap and Smallcap indices outperforming and rising over 1%."

"Technically, Nifty50 maintained its key support at 24,250, while 24,500 remains a critical resistance; while a breakout on either side is likely to determine the next directional move," he added.

The Bank Nifty index also opened lower and broke 54000 mark, but recovery during the day helped the index to touch high of 54,684.30 before closing at 54,610.90, up 0.63 percent.

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