The NSE Nifty 50, which rose on Thursday after a day of decline, may reclaim the 24,000-mark on crossing the next resistance level, analysts said.

The frontline index has concluded its corrective phase, and faces immediate resistance at 23,800 levels, according to Aditya Gaggar, director of Progressive Shares.

Surpassing this level could “drive Nifty 50 towards the key psychological mark of 24,000”, he said. On the downside, support is seen at 23,400, the analyst added.

Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C. Mehta Investment Interrmediates, also sees the resistance zone for Nifty 50 at around 23,800–23,810 range.

The rally could potentially progress to the 24,000–24,080 levels, he said. “Traders are advised to follow a ‘buy on dips’ strategy in Nifty if it holds above the 100-Day Exponential Moving Average support of 23,390,” he said.

For Bank Nifty, 51,880 and 52,000 will act as strong resistance levels, Yedve said.

Market Recap

The benchmark equity indices ended with gains on Thursday, after posting the worst intraday fall in nearly one month on Wednesday.

The Nifty 50 ended 159.60 points, or 0.68% higher at 23,591.95, while the BSE Sensex closed 317.93 points, or 0.41% up at 77,606.43.

F&O Cues

Nifty April futures rose by 0.54%, reaching 23,810 and trading at a premium of 218 points.

The open interest for Nifty April futures increased by 24.42%.

For Nifty Options set to expire on April 3, the highest Call open interest is at 25,400, while the highest Put open interest is at 22,500.

IndusInd Bank remains in the securities ban period.

Major Stocks In News 

  • HAL: The company has amended the LCA Mk1 FOC contract, originally signed on Dec. 23, 2010. The contract value has been updated from Rs 5,989 crore to Rs 6,542.20 crore due to changes in the delivery schedule.

  • Asian Paints: The company has approved Rs 690 crore additional capex due to increase in cost of pre-operative expenses in Dahej Project. The aggregate project now stands at Rs 3,250 crore from Rs 2,560 crore.

  • Bharat Electronics: The company has secured additional orders worth Rs 1,385 crore since the last disclosure on March 12. Major orders include radar spares, radar upgradation etc.

Global Cues

Asian shares fell on Friday, reflecting the decline in US equities, as worries about impending ‘reciprocal tariffs’ and an escalating trade war overshadowed data indicating the US economy grew faster than expected.

Indices in Japan and South Korea fell after both the S&P 500 and Nasdaq 100 slipped.

US equity-index futures also edged lower in early Asian trade. Gold rose, reaching a new record due to increased demand for safe havens, while yields on the 10-year US Treasury slightly declined.

The Nikkei and Kospi were trading 1.90% and 1.39% down, respectively. Meanwhile, the ASX 200 was up 0.38%.

On Thursday, the Dow Jones and S&P 500 settled 0.37% and 0.33% down, respectively. The dollar index was trading 0.04% down at 104.29. Brent crude was trading 0.03% higher at $74.05 a barrel as of 7:12 a.m.

Currency Update

The India rupee closed weaker against the US dollar on Thursday, despite recovering from intraday losses. The domestic unit settled 7 paise weaker at 85.78 against greenback. 

. Read more on Markets by NDTV Profit.The immediate resistance for Nifty 50 is seen at 23,800-23,810 levels, as per analysts.  Read MoreMarkets, Business, Notifications 

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