Nifty closed lower on Wednesday, giving back morning gains after a late-session sell-off, especially in banking stocks. The index formed a small red candle around the 100-Day Exponential Moving Average (DEMA), facing resistance near the 24,470–24,500 levels. Analysts suggest if Nifty breaks past 24,500, it could move up toward 24,600–24,700. For now, key support sits at 24,070, keeping a “buy on dips” strategy in play, per Hrishikesh Yedve of Asit C. Mehta Investment Intermediates.
Key Levels to Watch
- Resistance: Highest call open interest is seen at the 24,500 and 24,400 strikes, indicating strong resistance here.
- Support: Highest put open interest is at 24,300 and 24,200, offering some stability.
Analyst Views
Jatin Gedia, Sharekhan
Nifty has stayed between 24,500–24,070 for five days, likely holding this range until the October series expiry. After that, Nifty may show a more decisive trend. Key support levels are 24,200–24,180, with resistance at 24,500–24,550.
Rupak De, LKP Securities
On the hourly chart, Nifty hit resistance near the 50 EMA, correcting to 24,300. Sentiment may stay sideways within 24,250–24,500 until a clear breakout provides direction. Key support is at 24,250 and 24,000, while resistance stands at 24,500 and 24,750.
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