Indian Markets Open Higher: SEBI RAs See Nifty Resistance Around 24,820

Indian markets opened on a firm note on Thursday as they head into a weekly options expiry session.

At 9:45 a.m. IST, the Nifty 50 had risen 125 points to 24,745, while the Sensex was up 408 points to 81,406. 

Broader markets remained resilient, with the Nifty Midcap index up 0.3% and the Smallcap index gaining 0.7%. 

Analysts expect another subdued expiry as traders await the outcome of Friday's Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting. 

However, the retail sentiment on Stocktwits remained ‘bullish’. 

Most indices traded in the green, except for minor cuts in FMCG and PSU banks in opening trade.

NTPC Green shares rose by 2%, driven by their successful acquisition of a 1,000 MW allocation in the solar PV project auction held by Uttar Pradesh Power Corporation (UPPCL).

Newgen Software surged 7% after securing a $2.5 million order. 

REC gained over 1% after its board approved fundraising of up to ₹1.55 lakh crore via private placement of bonds or debentures.

Adani Ports gained over 1% after Kotal Institutional Equities sees 22% upside, with a target price of ₹1,750. 

Diamond Power & Infra shares fell 4%. The company's promoters and GSEC are looking to sell their stakes in the company via an offer-for-sale (OFS). 

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Prabhat Mittal pegged immediate support for the Nifty at 24,500 and resistance at 24,820, while he placed Bank Nifty support at 55,300 and resistance at 56,200.

Investment advisor Financial Independence sees Nifty support (spot price) between 24,500 and 24,400 and resistance between 24,700 and 24,850. 

For Bank Nifty, they peg support (Spot price) at 55,400 - 55,100 and resistance at 56,000 - 56,300.

Globally, Asian markets traded largely higher, while crude oil settled lower after U.S. data showed a big jump in inventories. 

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

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