Undertone bullish, but Nifty faces resistance at 24,600

Nifty is stuck in a tight band, with 24,600 as resistance and 23,800 as support, leaving traders waiting for a decisive breakout. Analysts highlight mixed signals as the broader bullish structure remains intact, while repeated hurdles and heavy call writing keep sentiment cautious

MEHUL KOTHARI
DVP – TECHNICAL RESEARCH, ANAND RATHI SHARE AND STOCK BROKERS

Where is Nifty headed?
Technically, the index confirmed a breakout above 24,300 and briefly crossed 24,400 before pulling back to retest the zone. A sustained move above 24,400 could drive the index towards 24,600 and 24,800; while a breach below 23,900 may negate the setup and trigger consolidation. Nifty Bank has also broken out of its falling trendline, signalling improving momentum. Resistance near 56,500 remains a key hurdle; unless crossed decisively, the index may face pressure at higher levels. On the downside, support at 55,000 and the previous swing low of 54,200 should provide a cushion in the week ahead. Trading Strategies: • Buy-on-dips: As long as Nifty holds above 23,900–24,000. • Nifty Futures: Go long only after the index closes above 24,400. Stop loss at 24,200; upside target 24,800. • Bank Nifty: Fresh longs above 56,500. A decisive breakout here could unlock further upside momentum.

TOP STOCKS FOR THE WEEK
Latent View Analytics
CMP Rs 315, Stop Loss at Rs 285, Target Rs 355.
The stock has stabilised after a sharp correction, forming a base around Rs 290–300, with accumulation signals and RSI above 55 pointing to rising buying interest and potential recovery towards higher resistance.
Protean eGov Technologies
CMP Rs 585, Stop Loss at Rs 520, Target Rs 680

Forming a base near Rs 520–500 after a prolonged correction, with price above the 20 EMA and RSI above 60, reflecting improving bullish momentum and a strengthening recovery structure.

RUPAK DE
SENIOR TECHNICAL ANALYST, LKP SECURITIES

Where is Nifty headed?
Nifty once again faced resistance near 20-week EMA, failing to reclaim the average for the third straight week, while the recent pullback lost steam near the 61.8% Fibonacci retracement of the decline from 26,373 to 22,182. The index remains below rising trendline resistance, with consolidation around 24,500 adding uncertainty. While a full reversal looks unlikely, failure to clear 24,750 in the next one to two weeks could open the door to a correction. A decisive breach below the crucial support of 24,000 could intensify weakness and trigger further pressure.

Trading Strategies: Sell Nifty 50 May Futures below 24,200, with a stop loss at 24,310 and a target of 24,000. The setup reflects weakening short-term momentum, and a breakdown below this support zone could trigger fresh selling pressure.

TOP STOCKS FOR THE WEEK
Sonata Software
Buy at Rs 297, Stop Loss at Rs 287, Target Rs 320

A swing high breakout is expected to propel the stock higher in the near term.

Mahindra & Mahindra Financial Services
Buy at Rs 339, Stop Loss at Rs 328, Target Rs 360

The stock has reclaimed its 50 EMA, confirming a positive trend and improving momentum.

SACCHITANAND UTTEKAR
VP- RESEARCH (TECHNICAL & DERIVATIVES), TRADEBULLS SECURITIES

Where is Nifty headed?
Nifty remains locked in a key range, with 24,600 as the upside hurdle and 23,800 as support. A breakout on either side will set the next meaningful trend; until then, the index is likely to stay range-bound. On the derivatives front, the highest Call OI at 24,500 signals strong resistance, while the highest Put OI at 24,000 points to solid support. Heavier call writing versus puts reflects caution, with participants hedging or anticipating limited upside.

Overall, traders may stick to stock-specific and range-bound strategies until Nifty moves decisively beyond the 24,600–23,800 zone.

Trading Strategies: Nifty: Fresh longs only on a sustained closing breakout above 25,600. Until then, a balanced long–short approach remains prudent. Bank Nifty: Initiate longs above 56,200 with targets of 56,800–57,300. Keep a strict stop loss at 55,800 to manage risk.

TOP STOCKS FOR THE WEEK
Firstsource Solutions
CMP Rs 274, Stop Loss at Rs 228, Target Rs 325.

FSL witnessed a strong volume-backed breakout from its `207–240 consolidation range. The stock closed above its 21-day and 50-day averages for the first time in 2026, signalling bullish momentum.

Poonawalla Fincorp
CMP Rs 462, Stop Loss at Rs 428, Target Rs 510.

Poonawala has broken out above the 430 neckline of an inverse head-and-shoulders pattern. Sustaining above breakout levels along with a bullish 21/50-day moving average crossover supports positive momentum.