Nifty May Stay Rangebound But Bias Positive; 25,400 Is Crucial For Breakout, Say SEBI Analysts

Indian equity markets traded in a narrow range on Monday, with the Nifty holding the 25,200 mark at close. Despite weak global sentiment due to fresh US–China trade tensions, the index showed strength at lower levels. Market experts believe that the overall market structure still favors the bulls as long as key support levels hold. 

Will markets see some rebound in the weekly expiry session on Tuesday? SEBI-registered analysts shared the trade set-up on Stocktwits.

Trade Setup For October 14 

Mayank Singh Chandel noted that on the technical side, Nifty continues to trade above major moving averages, and the medium-term trend remains positive. The Relative Strength Index (RSI) has cooled off slightly to 58.5, but continues to stay in the bullish zone. 

On the downside, Chandel pegged immediate support at 25,150, with a crucial support zone between 25,000 and 24,900. On the upside, he expects 25,350–25,400 to act as immediate resistance, and a decisive move above this zone may extend the rally toward 25,450–25,500, which remains the key resistance area for the index. 

As long as Nifty holds above 25,000, a buy-on-dips approach remains valid, according to Chandel. A strong move above 25,350–25,400 could trigger a rally toward 25,450–25,500. However, a break below 24,900 may invite short-term selling pressure. 

Options data shows a range-bound setup between 25,000 and 25,500 with positive bias above support zones. He added that Tuesday’s session may again see range-bound action, but a breakout move is likely if 25,400 is crossed with substantial volumes.

Dipak Takodara highlighted that the Nifty index had a gap-down start but finished green, closing above all key moving averages with RSI above 50. He added that the index is pushing the triangle ceiling at 25,350–25,400, and a decisive break can open the doors to 25,650–25,700. Until that happens, Takodara expects sideways action under the ceiling, with 25,150–25,100 and then 24,850 acting as important support cushions.

A&Y Market Research identified Nifty (Intraday) resistance at 25,317-25,333, with support at 25,215-25,246. For Bank Nifty, they see resistance at 56,809-56,852 and support at 56,588-56,632.

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

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