Indian stocks ended Monday with a cautious pause as indices trade within a narrow range, with experts watching for signs of a breakout above key resistance levels amid ongoing consolidation within a broader bullish trend.
Indian equities ended Monday’s session in a holding pattern, with the Nifty closing at 24,583, up 13 points after swinging sharply through the day. The index lost much of its early strength in the second half as selling emerged at higher levels, leaving behind a small-bodied candle on the daily chart that points to a temporary pause after the recent advance. According to market analysts, that pattern suggests buyers and sellers are close to balance for now, with consolidation likely to continue in the near term.
Hitesh Tailor, technical research analyst at Choice Broking, said immediate support for the Nifty lies in the 24,450-24,400 zone, with stronger backing seen at 24,300-24,250. He said the trend remains constructive as long as the index stays above those levels, though traders should expect volatile, stock-specific moves. On the upside, the first barrier is seen at 24,650-24,700, followed by the more important 24,800-25,000 band. A clear move above 24,700 could improve momentum, while a fall below 24,400 may invite short-term profit-taking.
HSL Prime Research kept a bullish longer-term view, noting that the Nifty is still trading above its 20-day, 50-day, 100-day and 200-day exponential moving averages. The research house said the next decisive signal is likely to come from a breakout above the 200-day simple moving average or a breakdown below the 200-day exponential moving average.
Bank Nifty, meanwhile, has spent the past four sessions in a tight range, with indecisive candlesticks and neutral momentum readings pointing to a lack of conviction. Sudeep Shah, head of technical and derivatives research at SBI Securities, said the 58,000-58,100 area is the immediate hurdle. He added that a sustained break above 58,100 could restart the uptrend and pave the way towards 58,600 and then 59,200. Shah said the 50-day exponential moving average near 57,100-57,000 should act as firm support, helping preserve the broader bullish structure even if consolidation continues.
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