India Market Setup: Nifty Likely To Remain Rangebound With A Bullish Bias, Say SEBI RAs

The Indian equity market enters the week on a cautiously optimistic note, with analysts highlighting a narrow but significant trading range for the Nifty 50. 

After a week of choppy moves, the index was seen approaching a potential inflection point, with key resistance levels just overhead and strong support zones continuing to hold.

SEBI-registered analyst Ashish Kyal maintains a cautiously optimistic outlook on the Nifty, emphasizing that a decisive break above the 24,920 mark is essential for the index to resume its positive momentum toward the next targets of 25,030 and subsequently 25,100. 

He identified 24,710 as the immediate support level; a 15-minute close below this threshold could trigger short-term selling pressure, potentially leading Nifty down to 24,630. 

Kyal underscores the importance of the opening hour, noting that initial market moves could set the tone for the entire week.

Echoing this sentiment, analyst Bharat Sharma of Stockace Financial Services pointed to the resilience of the 20-day exponential moving average near 24,500, which had repeatedly acted as a springboard for upward moves. 

Observing the daily chart, they note that prices are also respecting an upward trendline, with each swing from this trendline typically leading to a test of the previous peak, in line with classic uptrend theory. 

While ideal uptrends and perfect momentum are rare in practice, they maintain a positive bias for the market’s direction, reiterating that as long as Nifty holds above 24,000, there is no cause for panic. 

They see the index preparing for a new all-time high above the 25,200–25,400 zone, with significant downside supports at 24,000 and 23,800.

For intraday action, they point out the presence of a descending flag formation on the 15-minute timeframe. A breakout above the flag’s upper boundary, particularly above the immediate resistance at 24,900, could trigger a move equal to the flag’s width — about 80–100 points — potentially driving Nifty toward 25,000–25,070, which aligns with the previous peak. 

Immediate support is seen at 24,820–24,830, with several exponential moving averages providing additional support down to 24,750. A breach below 24,750 would signal short-term bearishness, opening the door for declines toward 24,660, 24,600, and even 24,500 levels.

They also caution that intraday volatility may persist due to elevated options premiums and a high VIX, suggesting traders manage positions level by level. 

Overall, their outlook remains constructive as long as key supports are defended, with a clear focus on the 24,900–25,000 resistance zone for the next directional move.

Analyst Dipak Takodara took a more structured approach, laying out clear resistance and support bands for the session. He identified immediate resistance between 25,100 and 25,250, suggesting that a close above 25,250 could open the door to a move toward 25,650–25,750. 

On the downside, he marked the 24,550–24,600 region—near the 20-day simple moving average—as critical support. A breakdown and close below 24,450 could potentially drag the index down to the 24,350–24,400 gap zone.

Analysts are cautiously bullish on the market, with the Nifty seen consolidating within a defined range. The index was expected to trade between 24,500 and 25,250, with a breakout above the upper end likely to unlock fresh upside potential. 

However, a failure to hold key support levels could lead to a deeper short-term pullback. With the market at a crossroads, traders were advised to closely track early moves and react based on price action around critical levels.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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