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The Nifty 50 and Bank Nifty saw a rangebound and consolidative session on April 29, after a strong rally in the previous session, but the trend remains healthy with the indices trading well above key moving averages. Hence, the Nifty 50 may find resistance at the 24,450–24,550 zone; decisively above it, 24,800–24,850 can’t be ruled out. However, 24,100–24,000 is expected to be the key support zone. Meanwhile, as long as the Bank Nifty trades below 56,100 (all-time high), the consolidation may continue, with support at 55,000, followed by 54,170 as key support. But decisively above it, 57,000 can’t be ruled out, experts said.

On Tuesday, April 29, the Nifty 50 was up 7.5 points at 24,336, while the Bank Nifty declined 42 points to 55,391. The market breadth was in favour of bears, as a total of 1,346 shares saw correction compared to 1,185 shares that gained on the NSE.

Nifty Outlook and Strategy

Vinay Rajani, CMT, Senior Technical and Derivative Analyst at HDFC securities

Nifty has registered a rally of more than 2,700 points from the swing low of 21,743 made on April 7. Nifty is now placed above all key moving averages, making it bullish on all timeframes. It has surpassed the previous swing high resistance of 23,870. Now, the previous resistance is expected to interchange its role as support for the Nifty. Nifty also registered a bullish Inverted Head and Shoulder pattern on the weekly line chart. Traders should hold on to the longs with a stop-loss of 23,870 in Nifty. On the upside, Nifty has got immediate resistance at 23,545, which happens to be the 61.8% Fibonacci retracement of the entire fall seen from 26,277 to 21,743. Far resistance for Nifty is seen near 24,800 levels.

Key Resistance: 24,545, 24,800

Key Support: 24,150, 23,870

Strategy: Buy Nifty Futures on dip at 24,300, with a stop-loss of 24,150, targeting 24,800.

Ashish Kyal, CMT, Founder and CEO at Waves Strategy Advisors

Nifty, since 13 trading sessions, has still not reversed on the downside as per three simple price action rules. For a trend to pause or reverse, we need to see a high below the prior high, a low below the prior low, and a close below the prior low. Unless this happens, the overall trend will remain buy on dips. We are seeing rotational buying in the market, with different sectors contributing to the up move. We can see strong contribution from financials and banking stocks so far, and there is a possibility that automobile and other interest-sensitive stocks might start contributing. This will be a healthy sign for the overall medium- to long-term up move.

Over the near term, we can expect a rangebound move between 24,450 and 24,150 levels. A break above 24,450 will result in a strong breakout for a move to 24,750 or higher levels. Important support is near 23,840, and a break below this will be an indication that a short-term correction has started. As long as the same is intact, use dips to buy for 24,450 followed by 24,750 levels.

Key Resistance: 24,750

Key Support: 23,840

Strategy: Long positions in the Nifty Futures can be created above 24,390 with a stop-loss of 24,270, targeting 24,510 followed by 24,750.

Preeti K Chabra, Founder of Trade Delta

Nifty remains in a consolidation phase on both the daily and hourly timeframes. The 24,350 level has emerged as a critical resistance zone. A sustained breakout above this level could trigger an upward move towards 24,561, followed by 24,857. The RSI on the daily chart stands at 65.05, trading above the signal line and taking support at the upward-sloping trendline, suggesting somewhat bullish momentum.

From a broader perspective, the weekly chart continues to show a bullish structure with higher highs and higher lows. Adding to the positive outlook, the weekly options data reveals significant unwinding of in-the-money (ITM) Call positions, suggesting strong underlying bullish sentiment. The monthly chart is poised to close positive, with RSI trending upward, indicating a positive market structure and supporting a buy-on-dips stance.

Key Resistance: 24,561, 24,857

Key Support: 24,050, 23,950

Strategy: Buy Nifty Futures near the cash price of 24,300 for a target of 24,561 followed by 24,857, with a stop-loss of 23,230.

Bank Nifty - Outlook and Positioning

Vinay Rajani, CMT, Senior Technical and Derivative Analyst at HDFC securities

After hitting a fresh all-time high at around 56,100 levels, Bank Nifty has fallen into consolidation. Immediate support for the index is seen at 54,176, below which the index could extend its correction towards the positional support of 52,900, which coincides with the 38.2% Fibonacci retracement of the entire rally seen from 47,702 to 56,098. However, going by the positional charts, the index is expected to find demand at lower levels and resume the primary uptrend. Therefore, corrections should be bought into for the upside targets of 57,050 and 57,900.

Key Resistance: 56,100, 57,050

Key Support: 54,176, 52,900

Strategy: Buy Bank Nifty Futures on dips at 54,200, with a stop-loss of 53,500, targeting 55,500.

Ashish Kyal, CMT, Founder and CEO at Waves Strategy Advisors

In the previous session, the Bank Nifty for the third time failed to sustain above the 56,000 mark and reversed on the downside, showing a fall of more than 600 points, wherein PSU banks were the major participants. For now, we can expect prices to continue to consolidate within the above-mentioned range.

Acceptance above 56,100 can resume the rise towards the 57,000 mark. In summary, the Bank Nifty is currently digesting the rally which started in the middle of this month. A decisive break above 56,100 levels is a must for a trending move towards 56,500 followed by 57,000 levels. On the downside, 54,170 is the crucial support; any break below it will be a sign of concern.

Key Resistance: 57,000

Key Support: 54,170

Strategy: Long positions can be created above 55,550 with a stop-loss of 55,300, targeting 55,800 followed by 56,100.

Preeti K Chabra, Founder of Trade Delta

Bank Nifty is facing rejection from the 56,000 zone in the last few trading sessions, which is acting as a strong resistance. The RSI on the daily chart is at 70, with a slight downward bend suggesting short-term exhaustion. On the weekly timeframe, Bank Nifty is making higher high and higher low formations, suggesting positive momentum. On the monthly timeframe, the index is poised to close with a 7% gain, indicating strength. Since the overall structure is positive, we would advise a buy-on-dips strategy in Bank Nifty.

Key Resistance: 56,098, 56,982

Key Support: 54,700, 54,176

Strategy: Buy Bank Nifty Futures near the cash price of 55,100, with a stop-loss of 54,700, targeting 56,098.

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

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