Selling pressure emerged around the 24,200 mark, keeping the index range-bound through the mid to latter half of the session. Amid heightened volatility, the Nifty 50 eventually settled marginally below the 24,000 level.
On the sectoral front, Nifty Oil & Gas and Nifty CPSE were the top gainers, while Nifty PSU Bank and Private Bank indices ended as the biggest laggards.Among individual stocks, ONGC and Adani Enterprises led the gains, whereas Axis Bank and Maruti Suzuki were among the top losers.
In contrast, broader markets continued to outperform. The Nifty Midcap index broke above the 60,350-60,400 resistance zone to close higher, while the Smallcap index also moved decisively past the 17,900-17,920 range, ending the session in positive territory.Nagaraj Shetti of HDFC Securities said the short-term uptrend remains intact, with the index forming a higher bottom at 23,813 on April 24. A decisive move above 24,200 could revive bullish momentum, while immediate support is seen at 23,800.
Sudeep Shah of SBI Securities pegged near-term support in the 23,850-23,800 zone, warning that a sustained breach could drag the index towards 23,650 and then 23,500. On the upside, the 24,200-24,250 zone is likely to act as a key resistance, he added.
Nilesh Jain of Centrum Finverse said that the Nifty faced resistance near its 50-day moving average around 24,200 but managed to hold above the crucial 24,000 level on a closing basis, which continues to act as a psychological support.
He expects volatility to persist, with a pullback towards 24,200 possible as long as the index holds above 23,800. A break below this level, however, could trigger further downside towards 23,500.
Rupak De of LKP Securities said the index is currently caught between its 20-day and 50-day moving averages, indicating a lack of clear directional conviction.
Support is placed at 23,950, while a move above 24,200 could trigger a fresh upward trend.
