Indian equity benchmarks concluded the session on a positive note, with the Nifty settling at 24,177, gaining approximately 181 points despite weak global cues, surge in crude oil prices and rupee depreciation. According to ICICI Direct, the index opened with an upward gap and remained in positive terrain throughout the day. Broader markets showed mixed performance with an A/D ratio of 1:1, while Nifty Midcap declined slightly by 0.07% and Smallcap mirrored the benchmark with a 0.65% gain. Sectorally, barring PSU banks and Consumer durables, all major indices closed higher, with FMCG, Realty and Auto emerging as primary gainers.
As reported by ICICI Direct, the Nifty faces resistance at the 61.8% Fibonacci level, which is currently acting as a key barrier to further upside movement. The index has identified 24,050 and 23,900 as key support levels, while 24,350 and 24,500 serve as resistance zones. Shah's earlier analysis from The Economic Times identified 23,400-23,500 as the key support zone that he expects to hold through this corrective phase, with the Nifty consolidating between 23,500-24,500 for a few more sessions before breaking out toward 24,800 as crude stabilizes and sentiment recovers. Latest analysis suggests resistance around 24,500-24,800 with support likely in the 23,500-23,700 zone.
Multiple analysts now recommend buying Nifty spot in the 23,700-23,800 zone with targets of 24,000-24,100 and stop loss at 23,600. Angel One suggests a 'vanilla buy call' strategy for May 12 expiry, recommending buying the out-of-the-money 24,400 CE at ₹156 on dips to ₹120-100. Motilal Oswal recommends ITC at ₹314.9 with stop loss at ₹300 and target ₹328, citing the stock's breakout from consolidation phase, while Mirae Asset suggests Tube Investments at ₹2,947 with stop loss at ₹2,680 and target ₹3,200. Samco Securities recommends a Bear Call Spread strategy for May 5 expiry involving buying 24,000 Call at ₹206 and selling 23,800 Call at ₹333.
The current market performance comes amid lingering geopolitical tensions and elevated oil prices that are capping gains. As reported by The Economic Times, the index may continue to move within the 23,500-24,800 range until a clear trigger emerges to drive the next direction. Shah expects the Nifty to head toward 24,800 in May as the current consolidation makes the market more healthy, despite short-term volatility in metals and ongoing correction pressures. The Bank Nifty Index settled the volatile sessions on a flat note at 55,404, tracking mixed global cues and closing at 0.01%. Analysts suggest a mildly positive bias with specific trading strategies for different expiries and risk management approaches.
