The NSE Nifty 50 is expected to encounter resistance around the 23,800–23,810 range, according to Hrishikesh Yedve, assistant vice president, technical and derivatives research at Asit C. Mehta Investment Interrmediates Ltd.
A clear breakout above 23,810 could push the rally further towards 24,000–24,080, aligning with the 200-Day Simple Moving Average, according to Yedve.
If the index remains below 23,400, it may face additional downside, potentially dropping to the 23,200–23,000 range. “Traders should monitor these levels for potential trading opportunities,” he added.
For Bank Nifty, he sees resistance levels at 51,850 and 52,000. A consistent breakout above 52,000 could lead to additional upward momentum, he said.
“Traders should maintain a ‘buy on dips’ strategy for Bank Nifty as long as index stays above the 200-DSMA support of 51,000,” Yedve added.
If Nifty holds above 24,200, it may witness further upside, according to Rupak De, senior technical analyst at LKP Securities. Conversely, if the Nifty stays above 23,400, it could climb to 23,600 or beyond, he said.
Market Recap
The Nifty snapped its five-month losing streak and the Sensex paused its three-month decline, even as the benchmark equity indices ended with losses on Friday.
The NSE Nifty 50 ended 72.60 points or 0.31% lower at 23,519.35, while the BSE Sensex closed 191.51 points or 0.25% down at 77,414.92.
F&O Cues
Nifty April futures declined by 0.57%, settling at 23,637 with a premium of 118 points.
The open interest for Nifty April futures increased by 1.1%. For Nifty Options expiring on April 3, the maximum Call open interest is at 25,400, while the maximum Put open interest is at 24,400.
Additionally, there are no securities in the ban period.
FIIDII
Foreign portfolio investors turned net sellers on Friday after the sixth sessions as they sold equities worth Rs 4,352.8 crore.
Domestic institutional investors remained net buyers for the second consecutive day and mopped up equities worth Rs 7,646.5 crore, according to provisional data from the National Stock Exchange.
Major Stocks In News
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AU Small Finance Bank: The lender successfully raised Rs 770 crore through the issuance of Tier-II bonds, marking one of the largest bond issuances by a small finance bank. HDFC Bank served as the lead manager and anchor investor for the issue, alongside Nippon India Mutual Fund.
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HAL: The Defence Ministry has finalised two contracts with the company, amounting to Rs 62,700 crore, for the supply of 156 Light Combat Helicopters.
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Power Mech Projects: The company secured a Rs 425 crore order from a subsidiary of Adani Power for a thermal power project, along with an additional Rs 972 crore order for construction projects from the National Highways Authority of India.
Currency Update
The rupee closed at the highest level in three months against the US dollar. The Indian unit closed 33 paise higher at 85.46 against the dollar.
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