The NSE Nifty 50’s key resistance areas will likely be in the 24,200–24,325 range, with the next major hurdle near 24,230, according to analysts.

The Nifty has crossed the barrier of 23,870 and witnessed a fresh breakout of the rounding bottom pattern, according to Hrishikesh Yedve, technical and derivatives research analyst at Asit C Mehta Investment Interrmediates Ltd.

This has sparked renewed buying interest, helping the index surpass its 200-day simple moving average, which is placed around 24,050. The next major hurdle for the index is near 24,230, Yedve said.

“If the index manages to close above this level, the rally could extend towards 24,500–24,800. As long as the index holds above 23,870, a buy on dips strategy is recommended,” he added.

The 24,200–24,325 range will act as a key resistance area, while 24,000 and 23,900 can serve as crucial support zones, according to Shrikant Chouhan, head of equity research at Kotak Securities.

For day traders, as long as the market is trading above 23,900, buying on intraday corrections and selling on rallies will be the ideal strategy. However, if it falls below 23,900, sentiment can change and traders may prefer to exit their long positions, Chouhan said.

The Bank Nifty, which decisively crossed its previous all-time high of around 54,470, witnessed a fresh breakout of a rounding bottom pattern on the daily chart, reflecting strength, according to Yedve.

“The breakout zone of 54,470 now acts as immediate support for Bank Nifty and as long as this level is sustained, the index could potentially rally towards the 56,000–56,300 levels,” he added.

FII/ DII Acitivity

Foreign portfolio investors continue to remain net buyers of Indian equities on Monday for the fourth straight session, while domestic institutional investors turned net buyers after three days of net selling.

The FPIs bought stocks worth Rs 1,970.2 crore and domestic institutional investors mopped up equities worth Rs 246.6 crore, according to provisional data from the National Stock Exchange.

F&O Action

Nifty April Futures up by 1.17% to 24,131 at a premium of 10 points. Nifty April futures open interest down by 5%.

Nifty Options April 24 Expiry: Maximum Call open interest at 25,500 and Maximum Put open interest at 23,000.

Market Recap

The benchmark equity indices gained for the fourth consecutive session on Monday and closed at their highest since early January.

The NSE Nifty 50 closed 273.9 points or 1.15%, higher at 24,125.55, while the BSE Sensex ended 855.3 points, or 1.09%, up at 79,408.5, the highest since Jan. 3.

The Nifty Bank closed at a record high of 55,304.5 after a jump of 1.87% as investors took comfort from recent earnings.

Major Stocks In News

  • Steel Stocks like Sail, JSW Steel, Tata Steel, JSPL in Focus: Government imposes 12% safeguard duty on some steel imports. Steel safeguard duties apply to imports from developed economies, China, Vietnam. The duty applicable for 200 days from today. The safeguard duty to protect Indian players from cheap Chinese steel imports.

  • Vedanta: In facility agreement with Twin Star Holdings for $530 million. Facility Agreement for servicing Financial Indebtedness of Vedanta Resources.

  • One 97 Communication: The company arm Paytm Money introduced reduced interest rates and revised brokerage for pay later to drive affordability and accessibility for Investors.

  • Coal India: The company in a non-binding agreement with Damodar Valley Corporation to set up ultra supercritical units for Jharkhand thermal power station.

  • Mazagon Dock: Defence Ministry appointed Jagmohan as MD and Chairman.

  • Tata Power: The company has tied up with the Tata Motors to set up 131 MW wind-solar hybrid project.

  • HUL: The company has completed the acquisition of 90.5% stake in uprising for Rs 2,706 crore.

Currency

The Indian rupee strengthened for the fifth consecutive session as it closed 24 paise higher on Monday.

The domestic currency ended at 85.14 against the greenback in comparison to its previous close of 85.38 on Thursday, according to Bloomberg data. The rupee hovered near the psychological mark of 85, reaching an intraday high of 85.03.

Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.

Global Cues 

Asia-Pacific markets were trading lower Tuesday as worries over the US Federal Reserve’s independence weighed on investors after President Donald Trump increased criticism of central bank’s Chair Jerome Powell. Trump wants Fed to cut rate faster while the institutions prefers to wait and watch the impact of the sweeping tariffs announced in recent past.

The Nikkei 225 was trading 0.32% down at 34,167.74, and the S&P ASX 200 was trading 0.53% down at 7,777.60.

On Monday, US share indices ended sharply lower despite Trump assuring that trade talks are progressing. The Dow Jones Industrial Average and S&P 500 ended 2.48% and 2.36% down, respectively.

The dollar index was trading 0.16% up at 98.44 as of 6:37 a.m.. The Bloomberg spot gold was trading 0.36% higher at $3,436.27 an ounce.

The brent crude was trading 1.07% higher at $66.97 a barrel as of 6:48 a.m.

The GIFT Nifty was trading 0.06% or 14 points higher at 24,102.50 as of 6:48 a.m.

. Read more on Markets by NDTV Profit.For the benchmark index, 24,000 and 23,900 can serve as crucial support zones.  Read MoreMarkets, Notifications 

​NDTV Profit