The NSE Nifty 50, which rebounded on Monday after two days of decline, faces key resistance in the range of 24,400 to 24,500, according to Shrikant Chouhan, head of equity research at Kotak Securities.

On the downside, the benchmark index faces key support at 24,200-24,100 levels, he said. “If the market falls below the 24,100 mark, then an uptrend would become vulnerable.”

The short-term market trend remains bullish; however, for day traders, the ideal approach would be to buy during intraday dips and sell during rallies, the analyst noted.

At the upper end, 24,360 continues to act as a crucial resistance level, and the Nifty 50 may remain in the current range unless this level is decisively broken, according to Rupak De, senior technical analyst at LKP Securities.

If the index surpasses 24,360, it could advance towards 24,550, which corresponds to the “61.80% Fibonacci retracement level of the earlier decline from 26,277 to 21,743,” he said.

On the lower end, Nifty 50’s support is placed at 24,000, below which the index might start falling towards 23,800 or even 23,350, he added.

For Bank Nifty, the all-time high of 56,100 will serve as the immediate resistance level, according to Hrishikesh Yedve, assistant vice president for technical and derivatives research at Asit C. Mehta Investment Intermediates Ltd.

If the index sustains levels above 56,100, the rally has the potential to reach the psychological level of 57,000. On the downside, 54,580 will serve as immediate support for Bank Nifty, Yedve added.

Market Recap

The NSE Nifty 50 and BSE Sensex rebounded from a two-day slump on Monday, with some of the heavyweight stocks leading. Also, fear about the trade war reduced subsequently, supporting the emerging markets’ assets.

The Nifty 50 ended 289.15 points or 1.20%, higher at 24,328.50, and the Sensex ended 1,005.84 points, or 1.27%, higher at 80,218.37.

FII/DII Activity

Foreign portfolio investors stayed net buyers of Indian equities for the ninth straight session on Monday as they obtained stocks worth Rs 2,817.6 crore.

Domestic institutional investors turned net buyers after three days of selling Indian equities, mopping up equities worth Rs 2,474.1 crore, according to provisional data from the National Stock Exchange.

F&O Action

  • Nifty May Futures up by 1.3% to 24,453 at a premium of 125 points.

  • Nifty May futures open interest up by 7.6%.

  • Nifty Options April 30 Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 24,000.

  • Put-Call ratio at 1.25, with highest change in Put open interest at 24,000.

  • Securities in ban period: RBL Bank

Major Stocks In News

  • Tata Technologies: American private equity firm TPG Rise to sell nearly 1.58 crore shares or nearly 4% in a range of Rs 670-699 apiece, which is a discount of as much as 5% from current market price. The lock-in on the remaining shares is 60 days.

  • IndusInd Bank: Arun Khurana, deputy chief executive officer of IndusInd Bank, has resigned with immediate effect. In his resignation letter, Khurana cited the recent accounting discrepancies in the bank’s derivatives business as the main reason behind this decision.

  • HG Infra Engineering: The arm received a provisional certificate for an order worth Rs 1,123 crore.

Currency Market

The Indian rupee closed 42 paise stronger at 85.03 against the US dollar on Monday, compared to its previous close of 85.44 a dollar on Friday, according to Bloomberg.

The currency hit its highest intraday high since April 4, jumping 50 paise at 84.95 to the dollar.

Global Cues

Markets in Australia and South Korea rose Tuesday. Market participants await a slew of economic data from the US and earnings from mega technology companies this week.

Financial markets in Japan are closed Tuesday.

The KOSPI and S&P ASX 200 were trading 0.38% and 0.56% higher, respectively.

On Monday, the Dow Jones Industrial Average and S&P 500 ended 0.28% and 0.06% higher, respectively. The Nasdaq Composite ended 0.10% down.

The Bloomberg dollar index rose 0.07% to 99.08 as of 6:50. The Bloomberg spot gold was 0.39% down at $3,330.87 an ounce.

The brent crude was trading 0.21% down at $65.72 a barrel as of 6:53 a.m.

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