Nifty Faces 24,400 Resistance; Bank Nifty Range-Bound
By Market Desk
Nifty faces strong resistance at 24,300-24,400, indicating continued volatility. Bank Nifty remains range-bound amid profit booking. Key levels and market outlook.
The Nifty is projected to remain volatile and range-bound in the near term, encountering significant resistance within the 24,300-24,400 zone. This comes as market participation improves, with banking stocks reclaiming leadership and mid-cap indices achieving new record highs.
Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, noted the Nifty’s persistent struggle to maintain gains above the 24,300-24,400 resistance area. He attributed this to sustained supply at elevated levels, even as the overall market participation quality enhances.
Nifty Key Levels to Watch
- Immediate Resistance: 24,300-24,400 zone
- Crucial Breakout for Rally: above 24,400
- Risk of Weakness: below 24,100
- Immediate Support: 24,200-24,150
- Robust Support: 24,000
Nandish Shah, Deputy Vice President at HDFC Securities, described the market’s choppy nature, indicating that the Nifty has yet to establish a clear directional trend. Until the critical levels are decisively breached, the index is expected to remain confined within its current range.
Bank Nifty’s Positional Stance
The Bank Nifty initially attracted buying interest but could not sustain its upward momentum, facing profit booking at higher levels. This resulted in the banking benchmark forming a bullish candle with an upper shadow on the daily chart, signalling selling pressure.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, stated that the Bank Nifty remains range-bound on a positional basis. He emphasized that a decisive move in either direction would provide the next directional cue for the index.
- Bank Nifty Immediate Support: 57,300-57,200
- Immediate Hurdle: 58,100-58,200
- Fresh Rally Trigger: sustained move above 58,200 towards 58,600
- Requirement for Stronger Upward Momentum: convincing clearance of 58,000 area
Both the Nifty and Bank Nifty exhibit a range-bound structure, requiring clear breakthroughs of their respective resistance levels to signal renewed strength for the upcoming session on August 27.