Rising further and sustaining above the 23,300–23,400–23,500 levels is crucial for the Nifty to move toward the psychological 24,000 zone. However, immediate support is seen at 22,700.
If the Nifty 50 reclaims and sustains above 23,000, a move towards 23,400–23,500, a crucial hurdle, cannot be ruled out. However, support is placed at 22,700, followed by 22,500.
The Nifty 50 needs to maintain this upward trajectory over the next few sessions by surpassing and sustaining above the 23,400–23,500 zone. Until then, range-bound trading may continue, with immediate support at 22,700 followed by 22,500, according to experts.
The weekly options data indicates a trading range of 22,500–23,500 for the Nifty 50.
In case of further recovery, the Nifty 50 may face resistance at 22,800–23,000. However, failure to sustain could bring the index toward the immediate support zone of 22,500–22,450, followed by 22,200 as critical support.
Technical indicators are largely in favour of bears despite Thursday’s recovery. The index needs to reclaim and sustain above the 23,000 zone for an upmove toward 23,500; until then, consolidation and range-bound trading may continue, with immediate support at 22,500, followed by 22,200.
The weekly options data indicates a 22,000–23,000 range for the Nifty 50 in the short term, as a breakout on either side of the range could provide further direction to the market.
Nifty 50 needs to witness follow-through buying interest in the upcoming sessions for a move towards the 23,000–23,200 zone, with 23,470 acting as a crucial hurdle for negating the bearish bias. However, the 22,500–22,300 zone can act as a support area.
Overall, the setup remains bearish, although there has been some improvement in risk appetite. The Nifty 50 needs to extend its upward move and fill Monday’s bearish gap by surpassing the 22,800–22,850 zone to pave the way for an upmove toward 23,000–23,200.
Despite the positive close, the formation of a bearish candle by the Nifty 50 on the daily chart signals a strong presence of sellers at higher levels.
The combination of falling prices, rising volatility, and aggressive rollover participation suggests that the April series begins with short rollover dominance and defensive institutional positioning, rather than simple profit booking.
The Nifty 50 is expected to face resistance at 22,700–22,800, followed by 23,000–23,500, which will be a crucial hurdle, as sustaining above it can boost bullish confidence. However, 22,280 (near the recent day’s low) can act as immediate key support.
After being oversold and with bears showing some signs of fatigue, the Nifty 50 may see a rebound towards 22,500–22,700; however, sustainability remains key going forward. As the index is close to a rising support trendline, a decisive break could trigger a fall towards 22,000–21,700, according to experts.
Weekly options data suggest that the Nifty 50 is likely to remain in the 22,000–22,500 range in the short term, as a breakout on either side could determine the next directional move.
The Nifty 50 is expected to face resistance at 23,000–23,200, followed by 23,500. However, immediate support is placed at 22,600, followed by the crucial support of 22,450. Meanwhile, the 53,000–53,300 range is likely to act as resistance for the Bank Nifty, followed by 54,000–54,200 as a crucial hurdle.
In the upcoming monthly derivatives contracts expiry session, the previous day’s lows near 22,600 and 22,450 are expected to be at risk; below these levels, the critical support stands at 22,300. If the index decisively breaks this level, a fall toward 21,700 cannot be ruled out.
The India VIX spiked 8.8 percent to 26.8 and approached Monday’s high, signalling major discomfort for bulls. The risk for bulls may increase further if it rises sharply from current levels.
The 23,000–22,900 zone is expected to act as crucial support in the upcoming sessions, as a fall below this level could drag the Nifty 50 towards Monday’s low. On the higher side, the 23,500–23,600 zone may act as a hurdle.
Nifty needs to decisively surpass and sustain above 23,850 to negate the lower high–lower low formation for a bullish confirmation. Until then, consolidation and range-bound trading may continue, with immediate support placed in the 23,000–22,900 zone.
In the immediate term, the 23,500–23,600 zone is expected to act as key resistance for the Nifty 50. However, support is placed around the 23,000 zone, according to experts.
Overall, bears continue to maintain a strong hold on the market, with the lower high–lower low structure intact.
Follow-up buying is necessary to ensure some stability, which could help the Nifty 50 face immediate resistance at 23,000–23,100. However, in case of a reversal, the 22,700–22,600 zone can act as immediate support, according to experts.
Monthly options data suggests that the Nifty 50 is likely to remain within a broad range of 22,500–23,500 in the short term. Within this range, the 23,000 level may act as a crucial pivot for directional movement on either side.
Oversold momentum indicators, along with a bullish divergence in the RSI, signal a potential short-term recovery in the market. Hence, the Nifty 50 may face resistance in the 23,000–23,300 range, while support is placed at 22,500–22,400.
Experts expect the Nifty 50 to rebound in the upcoming session, with an immediate hurdle at 23,000, followed by 23,200. However, the sustainability of any such rally will be key to watch, given the overall bearish setup.