India’s benchmark indices closed Thursday almost unchanged amid a narrow trading range, with traders cautious ahead of a potential breakout as key support and resistance levels hold firm.
India’s benchmark equity index ended Thursday almost unchanged, with the Nifty 50 adding just 11.35 points, or 0.05%, to finish at 24,636 after a muted session that left traders waiting for a clearer signal. According to NDTV Profit, the index spent the day moving in a narrow band, even as the broader technical picture remained constructive. Sachin Gupta of Choice Equity Broking said the Nifty was still holding above its key moving averages on the daily chart, which suggested the underlying trend had not broken down despite the lack of conviction in intraday trade.
Gupta said the 24,400-24,450 zone should act as immediate support, while 24,750-24,800 remains the main resistance area. He added that a sustained push above that ceiling could attract fresh buying, but a drop below support might prompt short-term profit-taking. Nandish Shah of HDFC Securities pointed to the tightening range over the past three sessions, saying the index has been forming lower highs and higher lows, a pattern that often reflects consolidation after a rally and a market waiting for a trigger.
Bank Nifty finished higher, rising 0.56% and closing above 58,000 after moving in a relatively tight 362-point band. Sudeep Shah of SBI Securities said the banking index remains above its key short-term and long-term moving averages, leaving the broader uptrend intact. He identified 58,500-58,600 as the next resistance zone and said a decisive break above that level could open the way towards 59,100 and then 59,600. On the downside, he said 57,600-57,500, which lines up with the 290-day exponential moving average, is an important support area.
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