Nifty Holds Steady at 24,868, Resistance at 25,000 Keeps Direction Elusive

Market Overview

The Indian equity markets extended their recovery on [insert trading date], with Nifty closing at 24,868.60 (+0.39%). Despite the rebound, the index remains range-bound, forming a classic doji candlestick on the daily chart — a strong sign of indecision among market participants.

Meanwhile, Bank Nifty ended nearly flat at 54,228.20 (+0.05%), reflecting continued caution after recent declines.

 Nifty Technical Analysis

• Daily Chart:
  Nifty has shaped a doji formation, suggesting hesitation at current levels. The index is hovering above its 9-EMA and 20-EMA, but the 50-SMA near 25,000 continues to act as stiff resistance.
  
  
• Momentum Indicators:
  
  
  • RSI improved to 53, reflecting mild strength.
    
    
  • ADX is near 24, with +DI and -DI converging, indicating consolidation ahead.
    
    
• Hourly Chart:
  The index is carving out a series of higher lows, signaling controlled recovery. However, repeated rejections around 24,940–25,000 confirm strong overhead supply zones.
  
  

 Nifty Levels to Watch

• Support: 24,750–24,700
  
  
• Resistance: 25,000–25,050 (decisive breakout may open up 25,200–25,280)
  
  

Outlook: Neutral to slightly positive, with consolidation likely until a breakout above 25,000.

 Bank Nifty Technical Analysis

• Daily Chart:
  Bank Nifty candles remain compressed, signaling indecision. The index trades below the 20-EMA, though the 9-EMA provides support.
  
  
• Momentum Indicators:
  
  
  • RSI at 39, below neutral levels, points to limited recovery.
    
    
  • ADX has strengthened to 31, suggesting the prevailing trend is still in play.
    
    
• Hourly Chart:
  The index continues to oscillate within a descending channel, with a base forming near 53,800. However, repeated rejections near 54,400–54,500 confirm stiff resistance.
  
  

 Bank Nifty Levels to Watch

• Support: 53,800
  
  
• Resistance: 54,400–54,500 (close above this needed to confirm breakout)
  
  

Outlook: Neutral to slightly bullish, but capped unless Bank Nifty breaks above 54,500.

 Key Takeaways

• Nifty is consolidating, with 25,000 as the key breakout level.
  
  
• Bank Nifty is range-bound, facing heavy resistance at 54,400–54,500.
  
  
• Momentum is muted, suggesting sideways to mildly positive moves in the short term.