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The Nifty 50 shifted into consolidation after a strong rally in the previous session, closing flat on April 29. The index attempted to break out of the range developed over the past four sessions and inched toward the 24,500 zone but failed to sustain the move. Hence, until the index gives a decisive close above 24,450, the consolidation phase may continue. Immediate support is seen at the 24,200–24,100 levels. However, a move above 24,450 could lead to a major upside toward 24,550, followed by 24,850, according to experts.

The Nifty 50 opened higher at 24,371 and climbed up to 24,458 in early trade but was unable to hold on to those gains. The index erased its gains and remained rangebound for the rest of the session before closing at 24,336, up 7.5 points, forming a small bearish candle with an upper shadow on the daily charts.

Technically, this market action indicates a failed breakout attempt at the resistance zone of 24,350–24,400. This suggests a likelihood of continued consolidation in the short term, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Despite the consolidation, the bullish pattern of higher tops and bottoms remains intact on the daily chart. “One may expect Nifty to resume its upside momentum after a brief consolidation or minor dip. Immediate support is placed at 24,150 levels. A decisive move above 24,450 could open the next upside target of 24,850 in the near term,” he added.

According to weekly derivative data, the maximum Call open interest (OI) is at the 24,500 strike, followed by 24,400 and 25,000 strikes. The maximum Call writing has occurred at the 24,400 strike, followed by 24,500 and 24,350 strikes. On the Put side, the 24,300 strike holds the maximum open interest, followed by 24,000 and 24,200 strikes. The maximum Put writing is seen at the 24,300 strike, followed by 24,200 and 24,350 strikes.

This options data suggests that the Nifty is likely to remain in the 24,000–24,500 range in the near term.

Bank Nifty

The Bank Nifty also experienced consolidation and rangebound trading, eventually closing 42 points lower at 55,391. The banking index formed a small red candle with an upper shadow on the daily timeframe, indicating selling pressure at higher levels.

"Bank Nifty ended the session with a small rejection candle, rejecting both the previous week's midpoint and the previous day's high. On lower timeframes, the move appears to be a fake bearish order flow, which will be invalidated once the index sustains above 55,500," said Anshul Jain, Head of Research at Lakshmishree Investments.

On the downside, he noted that liquidity is now concentrated in the 55,000–54,900 zone. "Dips towards this area should be seen as an opportunity to add longs for a potential upside move toward 56,500," he added.

Meanwhile, the India VIX remains elevated, rising 2.54 percent to 17.37, signalling caution for bulls.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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