Trading Plan: Will Nifty 50 hit 24,700 on weekly F&O expiry session; Bank Nifty reclaim 55,500?

Nifty Trading Plan for August 14

After rebounding on August 13, the Nifty 50 must defend its Tuesday’s low (24,465, which is the key support) in the upcoming session (i.e. weekly F&O expiry day), for further upward movement toward 24,700 (immediate hurdle), followed by 24,800 (50-day EMA). Sustaining above these levels could open the door for a strong rally. Meanwhile, the Bank Nifty underperformed the Nifty 50. As long as the banking index holds the 54,950-54,900 (100-day EMA – last Friday’s low) support zone, the upward journey toward the immediate resistance of 55,650 is likely, followed by 55,900. However, if the support zone is breached, bears may come into action, experts said.

On August 13, the Nifty 50 soared 132 points (0.54 percent) to 24,619, while the Bank Nifty rose 138 points (0.25 percent) to 55,181. The market breadth was supported by the bulls, with about 1,560 shares seeing buying interest compared to 1,149 shares that declined on the NSE.

Nifty Outlook and Strategy

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty remained strong throughout the day after initial hours of uncertainty, closing at a multi-day high and signaling improved sentiment amid tariff-related concerns. The daily RSI has recently entered a positive crossover and continues to hold this momentum after several days of indecision.

With sentiment showing signs of improvement, the likelihood of the Nifty moving above the 24,700 resistance has increased. A decisive move above this level could trigger a rally toward 25,200 in the short term. On the downside, support is placed at 24,337, below which the dynamics would once again turn in favour of the bears.

Key Resistance: 24,700, 25,000

Key Support: 24,500, 24,337

Strategy: Buy Nifty 24,700 Call for August 14 expiry, at Rs 35, for a target of Rs 100.

Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities

On Wednesday, the benchmark index Nifty formed a small-bodied bullish candle with wicks on both ends on the daily chart, indicating market indecision. In the short term, the 24,700–24,740 zone will act as an important resistance. A sustained breakout above 24,740 could extend the ongoing pullback rally toward the 24,900 level.

On the downside, support is placed at the 24,480–24,450 zone. A clear breach below 24,450 could signal a resumption of the downward trend, paving the way for a decline toward the next major support at 24,300.

Key Resistance: 24,700, 24,740, 24,900

Key Support: 24,480, 24,450, 24,300

Bank Nifty - Outlook and Positioning

Rupak De, Senior Technical Analyst at LKP Securities

Unlike the Nifty, the Bank Nifty remained mostly in a confused zone, with heavyweight stocks in the space witnessing lacklustre movement on Wednesday. On the hourly chart, the Bank Nifty continues to struggle below the 50 EMA, having sustained below this level for the last 14 days, confirming a deep bearish trend. However, over the past three days, the index has not fallen much further, and the RSI on the hourly chart is in a bullish crossover. A decisive move above 55,500 could trigger a sustained rally in the Bank Nifty. Support on the lower end is placed at 54,900.

Key Resistance: 55,500, 56,200

Key Support: 54,900, 54,500

Strategy: Buy Bank Nifty August Future above 55,550, with a stop-loss of 55,300, for a target of 56,000.

Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities

On Wednesday, the Bank Nifty remained in a tight band of just 313 points — the narrowest daily range in the last 10 sessions — reflecting a consolidation phase.

The daily chart shows the formation of a Homing Pigeon candlestick pattern, often seen as a potential bullish reversal when it emerges after a downtrend. This hints at easing selling pressure and the possibility of a rebound, though confirmation in the next session will be key.

Looking ahead, the 100-day EMA zone between 54,950–54,850 will be the critical support zone. Sustaining above this region could keep the consolidation intact and open the door for a recovery. On the higher side, resistance is seen at 55,500–55,600. A breakout above 55,600 could spark a strong upward move, whereas a drop below 54,850 might invite renewed selling and a deeper correction.

Key Resistance: 55,500, 55,600

Key Support: 54,950, 54,850

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