India Market Watch: Benchmark Indices Open Higher, But SEBI RAs Cautious Around Nifty’s 24,850 Resistance

Indian equity benchmarks opened higher on Wednesday, buoyed by a sharp drop in retail inflation and easing global trade tensions. 

The Consumer Price Index (CPI) for April dipped to 3.16%, its lowest since 2019, providing headroom for the Reserve Bank of India to maintain its current monetary stance.

By 9:45 a.m. IST, the Nifty 50 had risen 170 points to 24,749, while the Sensex was up 466 points at 81,614. 

The Nifty Midcap index continued to outperform, trading nearly 1% higher, signaling robust broader market strength.

Meanwhile, retail sentiment on Stocktwits for the Nifty 50 remains 'bearish'.

Sector-wise, metals led the rally, followed by IT and real estate, while pharma and healthcare stocks lagged.

In stock-specific action, Bharti Airtel gained 2% after posting a five-fold jump in March-quarter profit, triggering investor cheer.

In contrast, Tata Motors slipped 3% despite steady quarterly performance, as management’s cautious outlook weighed on sentiment.

Nykaa gained 1% on news of its inclusion in the MSCI India Index, effective May 30, while Paytm fell 2% after it failed to make the cut. 

Midcap gainers included ITD Cementation and Garden Reach, both rallying 10% on strong earnings.

Investors will monitor Eicher Motor, Lupin, Tata Power, Jubilant Food, HAL, Apollo Tyres as they report quarterly numbers later in the day. 

SEBI-registered advisors shared the day's trade setup on Stocktwits.

Ashish Kyal noted that a 15-minute close above the 24,660 level would likely propel the index higher, targeting 24,780 first and then 24,850 as subsequent resistance levels. 

On the downside, immediate support is identified at 24,490. He also highlights a critical time window near 11:45 pm, suggesting that a favorable price action confirmation around this period could reinforce the bullish momentum.

Prabhat Mittal sees Nifty support at 24,480 and resistance at 24,820. 

For the Bank Nifty, he expects support at 54,600 and resistance at 55,500

Sameer Pande pegs Nifty support at 24,500 and resistance between 24,800-25,000.

Asian markets traded mixed and U.S. stock futures were seen lower after the S&P 500 erased its 2025 losses.

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